Fear has a way of keeping us stuck. It whispers: “What if I lose it all?” “I don’t know enough to invest.” “I’ll start when I’m more prepared.” But here’s the truth: Fear doesn’t protect you—it limits you. While you wait for the “perfect” time, opportunity is passing you by. Fear isn’t just the enemy […]
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Dave Ramsey is absolutely right in suggesting that more Americans should eliminate debt in their lives…but all debt? Heck No! There are two types of debt: ‘Good Debt’ and ‘Bad Debt’ One makes you money, while the other can destroy you financially, or at the least hold you back from your full financial potential and
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 has started the phase down to 80% for 2023 and 60% for 2024. The first thing to understand is –
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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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I recently prepared a return for a client and then emailed her to let her know the outcome. I also told her how much her refund would be if she contributed just $3k to a traditional IRA. I do that a lot with my clients just because they may not know. She emailed me back
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New Law For LLCs, S-Corps, & Corporations – FinCEN (Financial Crimes Enforcement Network) If you own a business that’s a (corporation, limited liability company (LLC), or any other entity created by filing a document with your secretary of state), you are required to file your BOI (Beneficial Ownership Information) with FinCEN. FinCEN stands for Financial
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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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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 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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It’s alarming to see how many clients aren’t maintaining their checkbook properly, or not even having a separate checkbook at all for each of the companies they own and operate. It is important that you have checkbook procedures for your business to succeed. I’m not just talking about a tax savings strategy… I’m also talking
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