HSA

The Benefits of an HSA

Stop thinking about your HSA as just a way to pay your doctor or medical expenses. That’s really NOT the point of an HSA. The point of the HSA is to save on your insurance premiums and your taxes! HSA’s Offer a Triple Tax Benefit Every dollar you put into your HSA is a TAX-FREE […]

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Auto Deductions

Auto Deduction Strategies

Auto Deduction Strategies for Business Owners The biggest benefit of the current auto deduction is the strategy of Bonus Depreciation. This strategy includes Trucks, SUVs, RVs, and even Motorcycles. It was 100% in 2022 but now has started the phase down to 80% for 2023 and 60% for 2024. The first thing to understand is

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Travel Expense Deductions

How To Write Off Your Travel Expenses

A write-off for your travel expenses is one of the most underutilized tax deductions by small business owners today! Making sure your travel has a “business purpose” is critical. It’s a perfect opportunity for business owners to take a great tax write-off. In fact, even properly planned holiday travel can generate a significant tax deduction

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Home Office Deductions

Home Office Deductions

There’s more interest in the Home Office Deduction than ever before and justifiably so. With the ‘great resignation’, there has been the ‘great formation’. More Americans than ever have a home office with a side-hustle or a full-time business operation! As such, millions of Americans are wondering if there could be a tax deduction in

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1099’s What You Need To Know!

1099 Info For Business Owners  Who is required to send a Form 1099-NEC? You are required to send Form 1099-NEC to vendors or sub-contractors during the normal course of business you paid more than $600. This includes any individual, partnership, Limited Liability Company (LLC), Limited Partnership (LP), or Estate. Who are considered Vendors or Sub-Contractors? Essentially, this is

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Why you should own rental property

A good rental property strategy will not only build an incredible long-term and sometimes immediate tax strategy, it will build wealth for your future and produce consistent cash flow if done properly! Rental properties save taxes. They either produce losses you can deduct now, or they allow you to defer the gains until a future

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