When you’re married, choosing the right married filing status is one of the most important tax decisions you’ll make. The two main options—married filing jointly and separately—can lead to very different results on your return.
When it comes to saving for a child’s or grandchild’s education, few tools are as tax-advantaged and flexible as 529 plans. Whether you’re a parent planning for your child’s college tuition or a grandparent wanting to leave a legacy of learning, 529 plans offer an excellent way to invest in their future—while potentially saving on taxes. Here’s what you need to know about 529 plans.
Limited Liability Companies (LLCs) offer business flexibility—but that comes with unique tax considerations. Whether you’re just starting out or trying to improve your current setup, knowing how your LLC is taxed can help you stay compliant and reduce your overall tax burden. Let’s walk through the rules.
Many small business owners run into trouble by making top tax mistakes that are often easy to prevent. These missteps can lead to penalties, missed deductions, or cash flow issues. In this article, we break down some of the top tax mistakes small business owners make—and show you how to avoid them with confidence.
A profitable business can still go bankrupt. How? Poor cash flow. If you don’t understand how cash flows through your business, you could be in for surprises.
Many self-employed individuals and small business owners can claim deductions for using part of their home for business. Here are the IRS rules for the home office deduction.
Running a business means juggling countless responsibilities, especially when it comes to taxes. With laws frequently changing, keeping up with your federal, state, and local tax obligations can feel overwhelming. When it comes to small businesses, misinformation is everywhere. Below, we clear up several common misconceptions that could be costing you.
Did you know your next vacation could qualify as a tax deduction? With the right strategy, travel can become a powerful business write-off. In this guide, we break down how to structure your travel to stay compliant with IRS rules.
If you are a business owner planning to invest in assets for your company, one powerful provision to consider is the Section 179 Deduction. This tax-saving opportunity can significantly reduce your business’s taxable income. In this guide, we’ll explore what you need to know about the provision.
Navigating the complexities of the U.S. tax system can be overwhelming, especially with frequent changes to tax laws and regulations. The benefits of hiring a tax professional include peace of mind and the assurance that you maximize credits and deductions while staying compliant with the IRS. By seeking expert guidance, you can reduce your tax liability and avoid costly errors.