How Your E-Commerce Store Can Maximize its Cost of Goods Sold Deduction
As an e-commerce business owner, it’s essential to understand the Cost of Goods Sold (COGS) deduction and how it can impact your tax liability and overall profitability. By knowing how to calculate and claim this deduction correctly, you can save money on your taxes and improve your bottom line. In this blog post, we’ll explore […]
Employee Retention Credit: How This Government Program Can Help Your Business Keep Employees During the Pandemic
Are you a business owner struggling to keep your employees on board during the COVID-19 pandemic? If so, you’re not alone. Many companies have been hit hard by the economic fallout of the pandemic, and retaining employees has become more challenging than ever. But did you know that there’s a government program that can help? […]
Making the Most of the Vehicle Deduction
If you’re a business owner who relies on your car to getaround, you’ve probably heard that you can save money on your taxes by taking a vehicle tax deduction. A vehicle tax deduction is a write-off that business owners can take for vehicles they use for business purposes. If you are claiming the home office […]
How to Save on Taxes with the Home Office Deduction
You work from home, but you don’t have an office in your house. Or maybe you have a home office, but you also have an actual brick and mortar location you work from as well. In both scenarios, you might be wondering if you can claim a home office deduction to reduce your tax liability. […]
How to Choose your Legal Entity
One of the first decisions you have to make as a new small business owner is choosing the type of legal entity to operate under. While seemingly minor, this decision will have a significant, long-standing impact on both the liability protection and tax implications for both the business, and yourself as the owner. It is […]
What is a Limited Liability Company (LLC)?
As a small business owner, one of the most important decisions you have to make is choosing the right legal entity for your business. This choice can have a major impact on your liability protection and tax implications, both for your business and for yourself as the owner. It’s important to carefully consider both the […]
What is a Corporation?
As a small business owner, one of the most important decisions you have to make is choosing the right legal entity for your business. This choice can have a major impact on your liability protection and tax implications, both for your business and for yourself as the owner. It’s important to carefully consider both the […]
What is a Partnership?
One of the first decisions you have to make as a new small business owner is choosing the type of legal entity to operate under. While seemingly minor, this decision will have a significant, long-standing impact on both the liability protection and tax implications for both the business, and yourself as the owner. It is […]
What is a Sole Proprietorship?
One of the first decisions you have to make as a new small business owner is choosing the type of legal entity to operate under. While seemingly minor, this decision will have a significant, long-standing impact on both the liability protection and tax implications for both the business, and yourself as the owner. It is […]
IRS War Chest: What $80 Billion in New IRS Funding Means for the Small Business Owner
The Inflation Reduction Act , passed in August 2022, didn’t have much in it that impacted the average small business. However, one number in the act did start to get peoples attention – $80 billion (well, technically $79.6 billion – but we’re rounding up). This $80 billion is to be allocated to the IRS over […]
