Business Taxes Archives • Financially Simple

January 5, 2021

How to Calculate Your Effective Tax Rate

It’s everybody’s favorite time of year again! That’s right, it’s tax season. Because of that, there’s no better time to bring up today’s topic. Understanding how to calculate your effective tax rate is an essential skill that all business owners should have. With that, let’s get to the topic at hand.

December 16, 2020

Tax Power Plays for the End of the Year

Tax season is just around the corner and there’s little time left to make moves that will mitigate your tax bill for 2020. I recently sat down with a good friend of mine to discuss these end of the year tax power plays. Chris Mahan, owner of Mahan & Associates is a wizard when it comes to breaking down and taking advantage of the Internal Revenue Code (IRC). That’s why I thought of him when I began researching this subject. So, join me as I breakdown what I learned from Chris!

November 19, 2020

Do Taxes Matter? Understanding How Taxes Impact Your Wealth Gap

Over the last few weeks, I have been going over some of the things that keep business owners up at night. More specifically, I’ve been discussing the wealth or retirement gap that we all face. In today’s entry, I want to continue with this subject by answering a very important question… do taxes matter? The short answer is yes, of course. But as I dig deeper, I’m going to show you how taxes impact your wealth gap and your ability to accumulate the wealth you will need for your retirement. Join me as I unpack all of the pertinent details of this subject.

October 15, 2020

October 15, 2020

Building Your Support Team: First Base – The CPA

Recently, I began talking about the importance of business owners having a support team. Although I gave an overview of what the business owner’s support team lineup should look like, I want to provide a little more detail for some of the All-Star players. In today’s blog, we will discuss the first baseman and clean-up hitter in our baseball analogy, the rockstar CPA. Join me as I explain why the forward-thinking CPA is a must on a business owner’s support team.

June 25, 2019

Standard Mileage vs. Actual Expenses – The Pros and Cons

If you drive a personal vehicle for business use, you can choose to take the standard mileage rate deduction or you can deduct your actual vehicle expenses. Yet, which one is better? As with most things related to taxes, it’s going to depend. Therefore, let’s do an analysis. Which should a business owner choose? Actual expenses vs. mileage.

June 21, 2019

49 Surprising Small Business Tax Write Offs You Might Be Able to Take

For many people, especially business owners, taxes are the primary erosion of your wealth. Taxes are a significant expense you pay from your income. However, the IRS has written an unbelievable book that gives you thousands of ways to reduce your tax liabilities. In fact, Chris Mahan, one of the principals at Mahan and Associates Tax Firm, says that “the Internal Revenue Code is the greatest wealth creation tool currently in the United States.” Sure, the Internal Revenue Code outlines what taxes you must pay. Yet, most of its content shows you ways to avoid paying taxes. So today, I want to dive into the IRC. I want to give you 49 surprising and possible tax write-offs for small business owners.