Understanding the Employee Retention Tax Credit (ERTC)
The ERTC, a tax credit to help businesses retain employees during COVID, is no longer available for new claims but can still be claimed retroactively for wages paid in 2020 and 2021. The deadline to file amended tax returns to claim the credit is April 15, 2024 for 2020 wages and April 15, 2025 for 2021 wages.
Tax Deductions: What You Can Claim and Mistakes to Dodge
Tax deductions lower your taxable income. Common ones include homeownership, charity, medical costs, and retirement contributions. Avoid mistakes like missing receipts, overestimating values, or miscategorizing expenses. Seek professional help for complex situations.
LLC Tax Savings: Answers to Common Questions & Maximizing Your Deductions
An LLC structure helps to protect the owners’ personal assets from lawsuits or debts associated with the LLC. There are other tax advantages, too, especially for small business owners.
Tax Tips for C Corporations
C corporations offer ownership flexibility and growth potential, but also face unique tax considerations. This guide explores C corp tax questions, benefits, and strategies compared to S corporations and LLCs, helping you make informed business structure decisions.
Year-End Tax Moves: Smart Strategies to Lower Your Tax Bill
Year-end tax strategies include deferring income, accelerating deductions, maximizing retirement savings, tax-loss harvesting, charitable donations, using FSAs, bunching deductions, claiming home office deductions, and seeking professional advice to optimize your savings.
From Side Hustle to Smart Business: Tax Tips for Social Media Influencers
Social media influencing is considered a business by the IRS. Stay organized with income and expense tracking, understand relevant tax forms, maximize deductions, and consider professional help to ensure you're tax compliant and maximizing your earnings.
The Home Office Deduction: Turning Your Workspace into Tax Savings
The home office deduction can save you money if you have a dedicated workspace used regularly for business. Calculate your deduction using either the simplified or regular method, and report it on Form 8829. Beware of red flags like mixed-use spaces or poor documentation.
The Importance of CPAs for Contractors in Tennessee, Even for Small Projects
In Tennessee, contractors bidding on projects under $25,000 don't need a CPA-reviewed financial statement. However, working with a CPA offers benefits like accurate financial management, tax planning, strategic advice, and risk management, helping contractors achieve stability, growth, and long-term success beyond mere regulatory compliance.
The October 15th Tax Deadline: Why It Matters and What You Need to Know
The October 15th deadline applies to those who filed an extension, live abroad, or are in eligible military service. It extends your filing time, NOT your payment deadline. Penalties for missing it are steep, so e-file by the deadline, pay what you can if unable to file, or contact the IRS for help.
All content on this blog is intended for general informational purposes only and does not constitute legal or professional advice. Please contact a member of our team for accounting advice specific to your situation or needs.