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What Retirement Plan Options Are Available For My Business in 2024?

What Retirement Plan Options Are Available For My Business in 2024?

When it comes to retirement planning for small business owners there are a lot of options available which can be confusing. There is no one strategy that is perfect for everyone so our goal here is to give you an overview of what's available to help you make a...

What Retirement Plan Options Are Available For My Business in 2024?

When it comes to retirement planning for small business owners there are a lot of options available which can be confusing. There is no one strategy that is perfect for everyone so our goal here is to give you an overview of what's available to help you make a...

Strategic Business Structuring: Navigating Multiple Ventures and Partnership Success

Lets be honest, entrepreneurs are always thinking about new ideas. This is why you often see successful business owners have many different businesses often times even in completely different industries. A question that comes up often in our Free Facebook Group stems...

Unlocking Tax Deferral: Leveraging Opportunity Zones & Mastering 1031 Exchange Property Identification

As we navigate the complexities of the current tax landscape, astute investors and tax professionals are increasingly turning their attention to the strategic benefits of Opportunity Zones and the intricacies of 1031 exchanges. These two mechanisms offer compelling...

1031 Exchange Mastery: Skyrocket Your Real Estate Profits with Tax-Deferred Strategies

In the dynamic landscape of real estate investing, Section 1031 of the U.S. Internal Revenue Code stands out as a powerful tool for investors seeking to optimize their portfolio growth while deferring capital gains taxes. Commonly referred to as a ‘1031 exchange,’...

Maximize Your Depreciation Deductions: The Power of Cost Segregation Studies Explained

Real estate investing can be a lucrative venture, especially when investors leverage tax strategies to maximize their returns. One such strategy is a cost segregation study, a powerful tax planning tool that can significantly increase cash flow by accelerating...
What Are Estimated Taxes and How Do I Pay Them?

What Are Estimated Taxes and How Do I Pay Them?

This is the eighth post in our "Starting a Business Series".  Estimated taxes are a topic or area that often confuses both new and established business owners. My hope here is to give you a clear understanding of what estimated taxes are, how you calculate them, and...

What Options Do I Have To Pay For My Tax Bill?

What Options Do I Have To Pay For My Tax Bill?

Before we get too deep into this article, we want to break it into two parts. Those that can afford and want to pay their tax bill in full. Those that cannot afford to pay their tax bill. Lets start with those that have the money to pay for the tax bill right away!...

What Do I Need To Know About Tax Extensions?

What Do I Need To Know About Tax Extensions?

We are getting close to that time of the year where a tax extension is going to be important to think about. There is so much misinformation about tax extensions out there so we want to take the time know to smooth out the details. What Does a Tax Extension Even Mean?...

Understanding Foreign Income: A Guide for Business Owners

Understanding Foreign Income: A Guide for Business Owners

In an increasingly global economy, it’s not uncommon for business owners to engage in transactions that cross international borders. Whether it’s through remote services, overseas sales, or international partnerships, foreign income can become a significant part of a...

How Can I Lower My Tax Bill After Year-End?

How Can I Lower My Tax Bill After Year-End?

If you have been listening to our Podcast or following our Blog for awhile you will know that we stress the importance of tax planning throughout the year and NOT during tax season. The fact remains true that if you are looking for and thinking about tax strategies...

Decoding The Tax Puzzle: Understanding Married Filing Separately

Decoding The Tax Puzzle: Understanding Married Filing Separately

Married couples have the option to file their taxes jointly or separately. While the majority of couples choose to file jointly, there are circumstances where filing separately may be beneficial. However, this decision should not be taken lightly as it can have...

What Year-End Tax Strategies Are Available to Business Owners?

What Year-End Tax Strategies Are Available to Business Owners?

Before you know it 12/31/23 will be gone and we will be onto 2024. One thing we talk about often is that once the clocks turns to 1/1 a vast majority of tax strategies are no longer available. Today we are going to go through some of the top strategies you want to be...

The Untold Benefits of Hiring Your Kids in Your Business

The Untold Benefits of Hiring Your Kids in Your Business

Hiring your kids is one of the top kept tax saving secrets. Now when we start this conversation with clients a lot of people cringe and think this is something that the IRS surely would not allow. However, that is not the case. This is actually discussed directly in...

Small Business Tax Savings Podcast – 5 Years in Review

Small Business Tax Savings Podcast – 5 Years in Review

First things first, I want to say thank you. Thank you for following and continuing to support the Small Business Tax Savings Podcast. It is because of listeners like you that we continue to do what we do. Our #1 goal is to help business owners pay the least amount in...

How Do I Write Off a Business Vehicle?

How Do I Write Off a Business Vehicle?

One thing I am continually seeing in both our Free Facebook Group and Tax Minimization Program is confusion around business vehicles. Lets take the time here to outline the things you need to know! We are going to go through a series of decisions you will make when...

Kiddie Tax Explained: A Comprehensive Guide for Parents

Kiddie Tax Explained: A Comprehensive Guide for Parents

Parents need to be aware of the Kiddie Tax, a provision that was instituted in the United States to prevent parents from taking advantage of their children's tax-free status. The tax affects minors’ unearned income and can have significant financial consequences for...

Hiring Your Spouse: Business Boost or Bust?

Hiring Your Spouse: Business Boost or Bust?

In the world of small business, the idea of hiring your spouse might be appealing. It's a decision that has far-reaching implications, and often times people jump to it or avoid it without thinking about the tax impact. In this blog post, we'll explore the tax...

How Do I Write a Business Plan and Why Is One Important?

How Do I Write a Business Plan and Why Is One Important?

This article accompanies a mini-series we did with Brandon White on our Small Business Tax Savings Podcast. Brandon was generous enough to share the information and content for this article. Brandon just launched a book that discusses everything here in more detail...

How Do I Avoid an IRS Audit as a Business Owner?

How Do I Avoid an IRS Audit as a Business Owner?

Whenever the discussion of tax savings comes up, one of the first things that comes to mind is "IRS Audit". Business owners are so afraid of an IRS audit that they let it impact many areas of their life and ultimately usually end up paying more in taxes than...

How Can I Maximize Meals and Travel Deductions?

How Can I Maximize Meals and Travel Deductions?

This is part of a bigger series that we did for our Ultimate Guide to Maximizing Business Deductions and Write-Offs. Be sure to check out everything that we discussed in that. Today we are going to be focusing on two key parts, meals and travel. What Is A Meal...

How Can I Maximize Office Expenses and Employee Benefits?

How Can I Maximize Office Expenses and Employee Benefits?

This is part of a bigger series that we did for our Ultimate Guide to Maximizing Business Deductions and Write-Offs. Be sure to check out everything that we discussed in that. Today we are going to be focusing on two key parts, office expenses and employee benefits....

How Can I Maximize Advertising and Gift Deductions?

How Can I Maximize Advertising and Gift Deductions?

This is part of a bigger series that we did for our Ultimate Guide to Maximizing Business Deductions and Write-Offs. Be sure to check out everything that we discussed in that. Today we are going to be focusing on two key parts, advertising and gifts. What Is An...

How Can I Maximize Deductions in My Business?

How Can I Maximize Deductions in My Business?

This is part of a bigger series that we did for our Ultimate Guide to Maximizing Business Deductions and Write-Offs. Be sure to check out everything that we discussed in that. We discussed deep into Pre Tax vs After Tax Dollars and what you can deduct as a business...

What Are Estimated Taxes and How Do I Pay Them?

What Are Estimated Taxes and How Do I Pay Them?

This is the eighth post in our "Starting a Business Series".  Estimated taxes are a topic or area that often confuses both new and established business owners. My hope here is to give you a clear understanding of what estimated taxes are, how you calculate them, and...

Top 3 Legal Protections Every Small Business Owner Needs

Top 3 Legal Protections Every Small Business Owner Needs

Disclaimer: This is not legal advice. This blog post is meant to outline the best practices for the legal side of business for small business owners. If you have questions regarding the legal side of business, please consult with a licensed attorney. This is a guest...

What Options Do I Have To Pay For My Tax Bill?

What Options Do I Have To Pay For My Tax Bill?

Before we get too deep into this article, we want to break it into two parts. Those that can afford and want to pay their tax bill in full. Those that cannot afford to pay their tax bill. Lets start with those that have the money to pay for the tax bill right away!...

What Do I Need To Know About Tax Extensions?

What Do I Need To Know About Tax Extensions?

We are getting close to that time of the year where a tax extension is going to be important to think about. There is so much misinformation about tax extensions out there so we want to take the time know to smooth out the details. What Does a Tax Extension Even Mean?...

How Can I Lower My Tax Bill After Year-End?

How Can I Lower My Tax Bill After Year-End?

If you have been listening to our Podcast or following our Blog for awhile you will know that we stress the importance of tax planning throughout the year and NOT during tax season. The fact remains true that if you are looking for and thinking about tax strategies...

What Does the M&A Process Look Like?

What Does the M&A Process Look Like?

This is Part 2 of 2 in a mini series we are doing on business exits. If you have not checked out Part 1, do so now! Why Will Every Owner Exit Their Business and How Can You Best Prepare For This? For both our Blog and Podcast episode, we brought on Stuart H. Sorkin,...

What is Strategic Planning?

What is Strategic Planning?

This is an add-on to our discussion last week, How Can I Setup My Business for Success in 2023? If you haven't checked that out yet, do so now. We discussed: Take Bookkeeping Seriously: Update it regularly, no commingling, and keep your receipts/documentation Start...

How Can I Setup My Business for Success in 2023?

How Can I Setup My Business for Success in 2023?

It's a new year and with the start of every year there seems to be a sense of "refresh" or "restart". The problem is so many people do nothing at all or give up by the end of January. My goal in this article is to give you some actions steps and things to be thinking...

How Does The SECURE Act 2.0 Affect 401ks?

How Does The SECURE Act 2.0 Affect 401ks?

Our good friends over at Life, Inc. Retirement Services put together some great content around The Secure Act 2.0 and how it affects 401(k)s. The SECURE Act was originally passed in December 2019, and was thought of as one of the biggest changes to the industry in...

What Does My Accountant Need for Tax Season?

What Does My Accountant Need for Tax Season?

Happy New Year! Welcome to tax season. Sorry to bring you down right away with tax season information but my hope here is to actually provide you tools and ideas to make this tax season stress free. We are going to go through some things you can do early here in 2023...

What Is An SBA Loan?

What Is An SBA Loan?

On this post we invited David Price and Zhenya Slack from Delphinus Capital. Here is a guest post from them: What is an SBA 7(a) Loan? The SBA 7(a) loan program is the most popular and most used type loan of the Small Business Administration's lending program. The...

How Is My Business Entity Taxed?

How Is My Business Entity Taxed?

The entity you use for your business plays an important role in many different areas, taxes being one of them. There seems to be a lot of confusion among small business owners related to how their business entity is taxed. We are going to clear the air here and get...

How Can I Maximize Business Deductions and Write-Offs?

How Can I Maximize Business Deductions and Write-Offs?

Maximizing Deductions... This is one of my favorite topics to discuss with business owners. The fact is, business owners for far too long have been told that in order to lower their taxes they need to go out and buy things. "Go buy a truck" (that you don't need), "go...

What Is An LLC and How Is It Different From An S Corporation?

What Is An LLC and How Is It Different From An S Corporation?

If you have not already read our article “What is a Pass Through Entity?“, do so now and then come back here! This is one article in a multi part series we are doing on S Corporations. Before we dig too deep on S Corps we need to discuss the alternative options. Many...

What Do I Need To Know About Taxes As A Business Owner?

What Do I Need To Know About Taxes As A Business Owner?

This is the sixth post in our "Starting a Business Series". This series stemmed from a conversation I had a bit ago with a brand new business owner. They were completely lost and no idea where to start. That got me thinking that we should do a series on this specific...

2022 Tax Rates and Resources

2022 Tax Rates and Resources

Now that we are past the 2021 tax deadline we wanted to get some information out about the rates and changes for 2022. You can download our full 2022 Tax Resource Guide here. Below is the breakdown of some of the most important ones! 2022 Individual Tax Rates For our...

Business Retirement Plan Q&A Session

Business Retirement Plan Q&A Session

We held a live Q&A session for business retirement plans with our expert, Matt Ruttenberg. You can find the recording below.  If you would like to get connected directly with Matt, please fill out the form below! Here are some previous Podcast Episodes and Blog...

How Are My Assets Taxed When I Die?

How Are My Assets Taxed When I Die?

Lets be honest, I dislike talking about death as much as you but we need to be realistic and understand some day it will come. Okay, enough of the sadness now lets talk about what you need to know so that you can properly plan for your family. If you have not checked...

How Should I Structure Multiple Businesses?

How Should I Structure Multiple Businesses?

Lets be honest, entrepreneurs are always thinking about new ideas. This is why you often see successful business owners have many different businesses often times even in completely different industries. A question that comes up often in our Free Facebook Group stems...

When Should I (or Should I Not) Become An S Corp?

When Should I (or Should I Not) Become An S Corp?

First off, if you missed our Blog Post or Podcast Episode last week on "What Is An S Corp?" you will definitely want to check that out as it leads into this one. Also, I just want to let you know that we did an entire series on S Corporations on both our Blog and...

What Is An S Corp?

What Is An S Corp?

Before I get started, I just want to let you know that we did an entire series on S Corporations on both our Blog and Small Business Tax Savings Podcast, so if you want to dig deeper from what we discuss today, check that out.  Everything You Need To Know About S...

Where’s My Refund? What Is a Tax Refund?

Where’s My Refund? What Is a Tax Refund?

Over the years of being in the tax world this idea of a refund, while appearing to be simple, is often confused. Here we are going to talk about two things: Where's my refund? What is a tax refund? Lets knock out the most important one first! Where's My Tax Refund?...

What Is a Roth IRA and Why Is It So Powerful?

What Is a Roth IRA and Why Is It So Powerful?

IRAs (Individual Retirement Accounts) have been around for a long time and utilized by many. Most people when they think of IRAs think of the Traditional IRA. Put money towards retirement and get a tax deduction today. However, a Roth IRA can potentially provider even...

What Options Do I Have To Pay For My Tax Bill?

What Options Do I Have To Pay For My Tax Bill?

Before we get too deep into this article, we want to break it into two parts. Those that can afford and want to pay their tax bill in full. Those that cannot afford to pay their tax bill. Lets start with those that have the money to pay for the tax bill right away!...

What Is a Safe Harbor 401k or QACA Safe Harbor 401k?

What Is a Safe Harbor 401k or QACA Safe Harbor 401k?

When we are working with businesses that are leaning towards the 401k route we traditionally see them organize into a Safe Harbor 401k or QACA Safe Harbor 401k. What Is A Safe Harbor 401k? A Safe Harbor 401(k) plan is a type of 401(k) with an employer match that...

What Are Estimated Taxes and How Do I Pay Them?

What Are Estimated Taxes and How Do I Pay Them?

This is the eighth post in our "Starting a Business Series". This series stemmed from a conversation I had a bit ago with a brand new business owner. They were completely lost and no idea where to start. That got me thinking that we should do a series on this specific...

What Is a SIMPLE IRA or Payroll Deducted IRA?

What Is a SIMPLE IRA or Payroll Deducted IRA?

When we are working with businesses that have employees and want to offer a retirement option but may not want to get too complicated with a 401k, we usually land on two main options: SIMPLE IRA Payroll Deducted IRA What Is a SIMPLE IRA and What Do I Need To Know...

What’s the Difference Between a Hobby and Business?

What’s the Difference Between a Hobby and Business?

Hobby or business? This is something that is constantly asked in our Free Facebook Group so I knew it was time to do a Blog and Podcast episode for it. From a tax stand point, a hobby and business are taxed very differently so it's important to know the difference...

What Is A SEP IRA and Solo or Individual 401k?

What Is A SEP IRA and Solo or Individual 401k?

When we are working with businesses with no employees, outside of the owner(s), we usually land on two main options: SEP IRA Solo 401k (AKA Individual 401k) Again, if you are looking to put away $6,000 or less per year towards retirement one of these plans would...

What Retirement Options Are Available For Business Owners?

What Retirement Options Are Available For Business Owners?

When it comes to retirement planning for small business owners there are a lot of options available which can be confusing. There is no one strategy that is perfect for everyone. Over the course of the next few weeks, we are going to go through the various retirement...

What year-end tax strategies are available to business owners?

What year-end tax strategies are available to business owners?

Before you know it 12/31/21 will be gone and we will be onto 2022. One thing we talk about often is that once the clocks turns to 1/1 a vast majority of tax strategies are no longer available. Today we are going to go through some of the top strategies you want to be...

What is a cost segregation study and when does it make sense?

What is a cost segregation study and when does it make sense?

We had Lester Cook from KBKG on our Podcast to discuss cost segregation studies and how they work. This is a more advanced strategy for those that have buildings purchases, improvements, construction, etc. What is Cost Segregation? Cost Segregation is a commonly used...

How does the deduction for Self-Employed Health Insurance Work?

How does the deduction for Self-Employed Health Insurance Work?

This is the first post in our "Healthcare Mini Series". We wanted to take the time to dive into some strategies around healthcare and that is what we will be doing the next couple of weeks. When you are self-employed your health insurance premiums for you and your...

What can I deduct as a business expense?

What can I deduct as a business expense?

There is so much confusion around what is deductible for business owners so we are going to try and spend some time outlining it here. We see questions around allowable business deductions pop up all the time in our Free Facebook Group so if you haven't checked that...

Why should I hire my kids in my business?

Why should I hire my kids in my business?

Hiring your kids is one of the top kept tax saving secrets. Now when we start this conversation with clients a lot of people cringe and think this is something that the IRS surely would not allow. However, that is not the case. This is actually discussed directly in...

What is a reasonable compensation for an S Corporation owner?

What is a reasonable compensation for an S Corporation owner?

In this article we are going to talk about the reasonable compensation aspect of electing S Corporation status. That is the $1,000 question. Unfortunately the IRS does not give us clear guidance in this area but they are able to point us in a direction at least. The...

How should I structure my business with multiple owners?

How should I structure my business with multiple owners?

We often times get business owners that reach out to us that have multiple owners in their company, wondering what the best way is to structure their business. In this specific article we are assuming an S Corp structure is desired prior to it reaching the owners...

What is a Pass Through Entity?

What is a Pass Through Entity?

Most businesses do not have to pay income taxes on the corporate level. Instead the profits from their business flows through (or passes through) to the owners of the company where it is eventually taxed. Types of Pass Through Businesses Sole Proprietor Partnership...