Category: Featured

Does your profession or your business require you to attend training courses or seminars to keep you up to date with the latest practices or technology? Or do you simply want to constantly improve and become better in your trade? Read on because the cost you spent on this kind of education might save you… Continue reading Work-Related Education Deduction 

October is the beginning of the fourth quarter of the calendar year.  October is a time for reflection on what has happened in the prior nine months and is an opportunity to achieve our goals in the last three months of the year. October is when corporate America begins to think about the 2024 Budget. … Continue reading Tis the Season for Pre-Planning

One of the enacted laws of Tax Cuts and Jobs Act (TCJA) in 2017 is the State and Local Tax (SALT) Deduction Cap, limiting the federal tax deduction an individual can claim for their state and local taxes paid.  Under the SALT cap, individual taxpayers who itemize their deductions on their federal income tax returns… Continue reading PTE Tax: A SALT Cap Relief 

The Internal Revenue Service (IRS) collects taxes on a pay-as-you go system, meaning taxes must be paid when income is earned.  For those who are small business owners or self-employed individuals whose income is not subject to withholding tax, you may have to pay the quarterly estimated taxes to avoid underpayment penalties and interest.   September… Continue reading 3Q Estimated Tax: Deadline and New Interest Rate! 

A business may sell one or some of its properties for several reasons. It can be for asset retirement, technology upgrading, or just possible cash inflows. Regardless of the reason, there are tax implications and IRS guidelines that must be observed in selling a business asset. The IRS rules differ based on the property category… Continue reading Let’s make a deal! Sale of Business property  

As per IRS (Internal Revenue Service), depreciation is a tax deduction that recovers the cost of your fixed assets over time as you use it for your business. It is also a way to gradually enjoy its relative tax benefit since depreciation also decreases your overall tax liability on your annual return. In this blog,… Continue reading Depreciation: Methods and MACRS 

As a rule, you must capitalize the costs of fixed assets, intangible assets, and major improvements in your balance sheet instead of claiming it as a full deduction in your tax return. However, this doesn’t mean that you won’t be able to recover the costs of your investments. You can still benefit from that tax… Continue reading Depreciation and Amortization: A Tax Deduction for Your Business 

For a business expense to be deductible, it must be an ordinary and necessary cost incurred in the conduct of operating your business, trade, or profession. However, there are expenses that are ordinary and necessary but cannot be deducted in the current tax period. These are the capital expenses. What is a Capital Expense? A… Continue reading Capital Expenses: What You Need to Know

Many have shifted to being self-employed, especially after the pandemic has impacted their way of living. Independent contractors, freelancers, and gig workers have been dominating the work force ever since people discovered how liberating it can be to work whenever and wherever they want to.  Although operational costs are inevitable when running a business, as… Continue reading Home Office Deduction for the Self-Employed

The option to choose between a Roth and Traditional Solo 401(k) gives the self-employed or one-person businesses the opportunity to maximize their savings for the future. Both retirement options provide tax benefits but with timing difference. What is a Solo 401(k)? A Solo 401(k), also called Uni-k or One-Participant 401(k), is a retirement savings plan… Continue reading Roth vs Traditional Solo 401(k): Which is Right for You?