by Tabitha Regan, CPA | Oct 4, 2024 | Small Business, Tax Planning
Understanding and utilizing business tax credits is crucial for small business owners looking to optimize their tax strategy in 2024. These small business tax credits, ranging from green energy incentives to employer credits and state-specific opportunities, can...
by Stephanie Nolan | Aug 14, 2024 | Small Business, Tax Planning
Understanding the difference between a hobby and a business is crucial for tax purposes. While both can bring in income, the IRS distinguishes them based on your intent to make a profit. This blog will guide you through how the IRS makes this determination, what...
by Stephanie Nolan | Aug 2, 2024 | Small Business
Starting a business is an exciting journey, but it comes with a host of challenges that can be daunting to tackle alone. To ensure your small business thrives, it’s crucial to surround yourself with the right team of professionals. Knowing who to hire first for your...
by Tabitha Regan, CPA | Jul 2, 2024 | Small Business
If you’re self-employed or own a small business, you’ve probably considered establishing a retirement plan. If you’ve done your homework, you likely know about simplified employee pensions (SEPs) and savings incentive match plans for employees...
by Laxmi Patel | Jun 26, 2024 | Accounting, Small Business
The Qualified Business Income (QBI) deduction, otherwise known as Section 199A, was introduced under the Tax Cuts and Jobs Act of 2017. This deduction allows owners of pass-through entities to claim a deduction of up 20% of qualified business income. Criteria for the...
by Tabitha Regan, CPA | Mar 12, 2024 | Small Business, Tax Planning
In the complex world of tax regulation, understanding the interplay between state and federal tax systems is crucial for businesses seeking to optimize their tax strategies. For S-Corporations, LLCs and Partnerships, state pass-through entity (PTE) tax elections...
