As small businesses keep growing at a steady rate, entrepreneurs and business owners will eventually reach a point on which they have to start employing workers to help make a company successful. It is not uncommon to see that many opt to offer a job to their family members, as they already know the qualifications,…
One of the most frequently asked questions we get as tax advisors is related to saving on taxes when selling a real estate property. Even when there are several ways to do this, most taxpayers aren’t familiar with all the different options they have available. That’s why we have gathered four very common, effective, and…
Whenever we reach the age of retirement, we need to be more careful with our finances than when we were still employed, whether it was by someone else or if we had our own business. When it comes to tax planning, there are several deductions that senior citizens and retirees alike should be aware of,…
It is not uncommon to come across ads for apps like Stash, Acorn, Rize, and Robinhood, promising significant earnings resulting from small investments. This makes investing look easy and attractive, as we all might be looking for ways to get extra cash and increase our income. However, those who are new to the world of…
It comes the time in every kid’s life when they are old enough to start taking casual jobs, from the classic lawn mowing gigs to more formal summer jobs at fast-food restaurants or local businesses. This might give parents a great sense of satisfaction as they see their kids growing up and becoming responsible members…
Having our own business comes with many different challenges and responsibilities and making sure we overcome all of them while remaining compliant with all our requirements can be tough at first. However, if we took the time to work on a business plan, we might already have a clear idea of the steps we need…
Just as individuals do, businesses have to pay taxes on any property they own, including land and buildings, and it might be a bit tricky for small business owners who have just started operations. However, understanding how to pay and deduct property taxes as small business owners will help us keep our company compliant while…
One of the biggest responsibilities for business and corporations, regardless, is ensuring compliance when filing their income tax report. Since failing to do so, either by mistake or intentionally, can have severe consequences on any company, we need to make sure we are submitting our information accurately and in a timely matter. This might feel…
Self-employment taxes tend to be one of the biggest challenges for freelancers, startups, and anybody working from home or on a business of their own and are usually subject to higher Social Security and Medicare taxes. However, one great way to deal with these taxes and make them more manageable is by setting your business…
Being a business corporation comes with many advantages, including several tax deductions that the IRS allows for expenses that are needed to keep our operations going. There are different types of expenses that can be deductible, including current expenses and capital expenses. Current expenses are the expenses needed to keep our corporation fully operational, while…