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 between them. What is a Hobby? The […]
When Are 2021 Tax Returns Due? How Can I Make This Tax Season Stress Free?
Welcome to 2022. Happy New Year Everyone! Although we are onto another year, 2021 is technically not over, we have tax returns to file yet! In this blog post we are going to go through some things you can do early here in 2022 to make this tax season a breeze. Before beginning, the number one […]
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 strategic tax planning tool that allows companies and individuals who have […]
What Is the Research and Development (R&D) Credit and How Do I Qualify?
We had Jonathan Tucker from KBKG on our Podcast to discuss the Research and Development (R&D) Tax credit. This is just another area that we feel many business owners are unaware of. What is the Research and Development (R&D) Tax Credit? The R&D Tax Credit, is a federal benefit that provides companies dollar-for-dollar cash savings for performing activities related to […]
What Health Benefit Options are Available for Small Businesses With Employees?
You are a small business owner looking to grow and start bringing on employees and then it hits you, you need to have some option for health insurance or it is going to be extremely hard to find or retain good talent. For this discussion, lets assume you less than 50 employees. When you are […]
What Do I Need To Know About Meal Expenses For 2021?
After such a long time with the meals and entertainment expense not being touched, the past few years it sure has gotten some attention. With the passing of a COVID relief bill there was a great change made that will impact business owners. We have been getting questions on this change in our Free Facebook Group so […]
What Options Are Available to Business Owners With High Medical Costs?
Lets face it, sometimes life hits you and medical costs rise higher than you would ever hope for. Fortunately for those business owners there may be some options available to get a tax savings from it. Now, before we go any further, I want to be clear. What we are discussing here is medical costs […]
What Options Are Available to Business Owners With High Medical Costs?
Lets face it, sometimes life hits you and medical costs rise higher than you would ever hope for. Fortunately for those business owners there may be some options available to get a tax savings from it. Now, before we go any further, I want to be clear. What we are discussing here is medical costs […]
What Is An HSA and How Do They Work?
When it comes to tax planning around your healthcare, a health savings account or HSA is going to be a key part you’ll want to consider. What Is a Health Savings Account (HSA)? An HSA is essentially a savings account that allows you to contribute money to it, pre-tax, to pay for qualified medical expenses. However, […]
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 family must be treated a specific way to […]