You may not think about taxes often, but they can prove to be a large expense. That's why it's important to make the most of any opportunities you may have to lower your tax liability. Here's a look at some of the factors you may want to consider in your planning. Standard Deduction or Itemizing The Tax Cuts and Jobs Act (TCJA) contained many provisions that will be in place through the 2025 tax year. For example, there are significantly higher standard deductions for each filing status and … [Read more...] about Tips on Tax Planning
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7 Tax Credits for Your Small Business
Let's talk about tax credits – what they are, how they differ from deductions, and which can benefit your small business. What are tax credits? A tax credit is a dollar-for-dollar reduction of one's tax liability, reducing the amount of tax owed. So, a tax credit of $300 lowers your bill by $300. Tax deductions work differently. Let's see how tax credits and tax deductions differ. How do tax credits differ from tax deductions? Unlike tax credits, which are dollar-for-dollar reductions in taxes, … [Read more...] about 7 Tax Credits for Your Small Business
The 5 Most Common Small Business Accounting Mistakes
Small businesses make accounting errors and oversights regularly. Here, we cover five of the most common small business accounting mistakes. Read on to see if you're making any of these mistakes and how to avoid them in the future. 1. You don't take bookkeeping as seriously as you should. Recording everything is an excellent rule to follow for bookkeeping and accounting for a small business. Ensuring that everything is recorded and categorized correctly in your accounts is essential, from … [Read more...] about The 5 Most Common Small Business Accounting Mistakes
Grow Your Wealth with Tax-Advantaged Income
When it comes to minimizing taxes, most people focus their efforts on maximizing deductions. They look for opportunities to reduce their taxable income by taking advantage of tax laws that allow a wide variety of expenses to be claimed as costs of doing business. This technique is a critical component of your comprehensive tax strategy, but it isn’t the only opportunity to bring your tax bill down. Think bigger, by looking for ways to shift current income or generate new income that enjoys … [Read more...] about Grow Your Wealth with Tax-Advantaged Income