Jane starts a wedding photography business. She is excited since this is what she’s always wanted to do. She already has bookings on most weekends for the rest of the year to keep her busy and hopefully fill up her bank accounts. Jane diligently sets aside 15% of her income. She used an online income […]

Running a small business when applying for a mortgage can bring complexity into an already stressful application process. Due to this added complication, the mortgage lender might ask for extra explanations and letters in order to approve the loan. This is a unique scenario where having a CPA as your accountant will give you a […]

So many events can result in big life changes. Joyous or sad, we usually experience these events with friends and family. Unless your accountant happens to be in that circle, they are usually the last to know. Thus, it’s important to have a general idea of which events will impact your taxes and, ideally, to […]

The philanthropic act of giving to those less fortunate is a great way to feel better about yourself and make the world better. In addition, you get to deduct that money as a charitable donation on your taxes! While you might get some monetary benefits, most of the benefits are undoubtedly incidental. This article will […]

When you have children who are in or about to start college, there is quite a bit of tax planning that can be done to maximize tax and financial aid (FAFSA) benefits. Ideally, college savings planning starts when the child is young so you can maximize tax benefits over a couple decades. However, if this […]

When you have a profitable year, you might be looking at ways to decrease your taxable income, and thus your taxes. There are many ways to achieve this, and many business owners come across advice to “just buy some assets,” especially a car. While this can be a great way to decrease taxable income in […]

Business owners are always looking for ways to save money, whether on expenses or taxes. In many family businesses, children can start to help from a young age. In addition to nonfinancial benefits, there are some great tax advantages for doing so. If your child is helping in your business, use the following tips to […]

Camilla runs a family bakery. Her kids are getting older and they help out a significant amount, for which Camilla compensates them reasonably. She has seen some talk online about tax advantages of paying for an employee’s education. Her eldest son will start college next year, so Camilla reached out to her tax advisor for […]

In years when the stock market trends downward, investors often look to make the best of a bad situation by using those losses to gain tax advantages. Some incorrectly believe that losses in their stock portfolio can offset taxes on their wages. Consequently, tax-loss harvesting (TLH) is used, which might create real losses. TLH is […]

Most business owners would agree that health insurance premiums should be deductible. After all, when you work as an employee, you typically pay your health insurance premiums pre-tax. Luckily, the IRS agrees, and most business owners can deduct their health insurance premiums. However, for small business owners, it’s not as simple as a deduction that […]