June 25, 2019
Standard Mileage vs. Actual Expenses

Standard Mileage vs. Actual Expenses: Which Should You Choose?

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? Standard mileage vs. actual expenses.
June 21, 2019
49 Surprising Small Business Tax Write Offs

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.
June 18, 2019
Minimize Capital Gains Taxes

Minimize Capital Gains Taxes to Get a 0% Tax Rate

In my last article, I talked about ways to reduce your taxable income. Income taxes are one of the costliest expenses business owners must pay, so obviously, you want to reduce them. Well, another tax that affects business owners (or anyone else for that matter) is capital gains tax. This tax is levied on the net gains you make when you sell capital assets like stocks, businesses, land, works of art, etc. However, there are ways to minimize capital gains taxes to get a 0% tax rate.
June 13, 2019
19 Ways to Reduce Taxable Income

19 Ways to Reduce Taxable Income: A Business Owner’s Guide

There’s perhaps no expense more frustrating to business owners than income taxes – the amount of money you pay to the IRS. I receive more calls from business owners asking me how to minimize their tax bill than anything else. Therefore, I want to go over 19 different strategies, or ways, to reduce taxable income for the business owner.
February 26, 2019
how to avoid capital gains tax on a business sale

Client Case Study: How We Avoided Capital Gains Tax on a Business Sale

Did you know that you could sell a business or a highly appreciated asset and not pay a dime in taxes? I know what you are thinking. Yes, it does sound too good to be true. However, this is not one of those cases. It is absolutely possible with a Charitable Remainder Trust. Though it is not for everyone, it can be a great method if you looking for ways to avoid capital gains tax on a business sale.
January 22, 2019
Tax Tip Tuesday Financial Blog Post

Paid Family and Medical Leave Law Offers New Tax Credits for Employers

Tax reform legislation enacted in December 2017 offers a new tax credit for employers who provide paid family and medical leave. Here are several facts about how this credit works and which employers are eligible to claim it: