by | Nov 4, 2019 | Profit Maximizer Moment, Tax Tip of The Week
On December 22, 2017, the largest tax bill since 1986 was signed into law. The Tax Cuts and Jobs Act (TCJA) made many changes to business taxes. First, let’s start with those items that were eliminated for 2017. Business Tax Breaks That Went Away in 2018...
by | Oct 4, 2019 | Profit Maximizer Moment, Tax Tip of The Week
In this video we discuss why roughly 85-90% of small business corporations electing to file as an S-Corp and how are LLC's taxed. Before you do anything else, why not join The Profit Maximizer Club on FaceBook. This community is designed to help each other grow...
by | Nov 13, 2018 | Income Taxes, Tax Tip of The Week
First, don’t panic. The majority of audits are done by mail, focusing on one or two items. The letter will ask you to mail in records and other information justifying the item they are questioning. Simply include copies of your documentation and mail...
by | May 24, 2018 | Tax Tip of The Week
Reducing your income tax expenses is a key component of profit maximizing. Remember your bottom line is your profit after income taxes. Unfortunately, very few business owners do anything to reduce their income tax bill. Most business owners assume that...
by | Dec 4, 2017 | Accounting & Bookkeeping, Cost Cutting, Income Taxes, Personal financial planning, Small Business Owners, Tax Tip of The Week
Although it isn’t close to tax season yet, it is really never too early to start thinking about your options. As people try to save money and do things on their own they may be tempted to try out the different tax preparation software on the market today and save some...
by | Nov 1, 2017 | Accounting & Bookkeeping, Books, Cost Cutting, Small Business Owners, Tax Tip of The Week
The fair market value of property or services received in barter is taxable. But, it may not result in an increase in taxable income based on how what you received is used. As an example, we trade accounting and tax services with an office supply company. We must...
