Running a business means juggling priorities, but one thing you don’t want to overlook is the opportunity to save on taxes while making a meaningful impact. The Work Opportunity Tax Credit (WOTC) is a federal incentive designed to encourage employers to hire individuals from specific target groups facing barriers to employment. Here’s how it works and why your business should take advantage of it.

Ah, tax season—a time filled with numbers, deadlines, and just a hint of chaos. But let’s talk about something that gets a bad rap: tax extensions. No, they’re not a sign of failure or disorganization, nor is extension a dirty word. In fact, they’re often a smart move for business owners and individuals alike.

First off, I owe you an apology for missing blog last week—it’s tax season, and things have been a little hectic around here! But I’m back, and today we’re diving into a topic that’s crucial for business owners: Key Person Insurance.

There is an endless supply of do-it-yourself tax preparation tools and websites, and the sheer volume of options can lead you to believe the process of filing your returns is simple. However, a DIY approach only works if you are satisfied with paying more than necessary. Tax preparation software handles all of the basics, importing income and considering common tax deductions. Unfortunately, when it comes to careful application of less-common tax-reduction techniques, these programs simply can’t compete with a skilled tax professional.

When it comes to running a business, vehicle expenses often become a significant topic of discussion. Understanding vehicle depreciation and taxes can help you make informed decisions and maximize your deductions. Here’s everything you need to know about Section 179 and how it applies to different types of vehicles.

As a business owner, maximizing tax benefits while keeping your finances organized is crucial. One of the most effective ways to do this is by implementing an Accountable Plan. This IRS-approved system helps you reimburse employees for business expenses without creating additional tax liabilities. In this blog post, we’ll explain what an Accountable Plan is, how it works, and why it’s a smart choice for your business..

Employees vs independent contractors is a common issue that can lead to serious financial and legal consequences. Some workers know they are classified as contractors but don’t realize they’re misclassified, meanwhile others have no idea at all.

Starting a business? It’s time to talk about business entity types—the legal structure that determines how you’re taxed, how much personal risk you’re exposed to, and whether the IRS gives you side-eye during tax season.

Running a business is tough enough without making costly mistakes that can destroy your legal protections and lead to tax trouble. One of the most common — and dangerous — mistakes small business owners make is mixing business and personal expenses.

This matters for anyone who relies on products that cross borders at some point in their journey. Even if you’re not the direct importer, your suppliers likely are—and those added costs will trickle down to you.

Tax-related identity theft is a growing concern, and securing an Identity Protection Personal Identification Number (IP PIN) should be a top priority this tax season. The IRS flagged over 1 million potentially fraudulent tax returns by March 2023 for the 2022 tax season (Source).