How to Rent Your Property to Your Business Without Falling Into the IRS Self-Rental Trap
Did you know you can rent a property to your own business and save thousands in taxes—but only if you structure it correctly? Mess it up, and the IRS could trap your losses or even hit you with unexpected taxes. This is a common scenario we see at TaxElm, where business owners own a building that […]
Will the IRS Send You to Jail? Civil vs. Criminal Tax Issues
When most people hear the words “IRS audit,” their minds immediately jump to one thing: Jail time. What actually gets small business owners into serious legal trouble with the IRS? Civil vs. Criminal Tax Issues: What’s the Difference? The IRS operates in two lanes; Civil and criminal. Civil cases make up more than 90% of IRS activity. These […]
Avoid These 10 LLC Mistakes in 2025
Are you starting an LLC? A Limited Liability Company (LLC) is a business structure that combines the flexibility of a sole proprietorship or partnership with the legal protection of a corporation. Basically, it helps separate and protect your personal assets from your business liabilities, which can be a huge advantage if something goes wrong. Here’s […]
Trump’s Tax Cuts Are Expiring in 2025 (What It Means For Your Business)
In 2017, the Tax Cuts and Jobs Act (TCJA) was passed by the Senate and signed into law by President Donald Trump, introducing major tax cuts for individuals and businesses. Many of these tax breaks are set to expire at the end of 2025 unless Congress extends them. For small business owners, this could mean higher tax bills in […]
Beware of Hidden Built-In Gain (BIG) Taxes When Transitioning to S Corporation
Converting to an S Corporation can be a super powerful strategy and one that we talk about with business owners on a daily basis. However, if you are converting from a C Corporation, there is one “BIG” tax you need to consider. For those of you who do not know what an S Corp even is or […]
Tax Q&A: Short-Term Rentals, 1099 Confusion, Entity Conversions, and Creative Tax Strategies
On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now! Go to www.TaxSavingsPodcsat.com Click Podcast Scroll to the Bottom and Submit Your Question You never know, your question may be on the next Q&A session. Below are today’s questions, tune into our Podcast to […]
Introducing the Small Business Tax Savings Handbook
After months of writing, refining, and pouring everything I know into these pages, my new book—Small Business Tax Savings Handbook: How to Save on Taxes While Growing Your Business and Wealth—is finally live. This isn’t just another tax book. It’s a game plan for small business owners who are tired of overpaying taxes and ready to take […]
Build Your Own Family Office—Start Saving Taxes and Building Wealth Today!
Think family offices are only for billionaires? That’s what most people assume—and they’re dead wrong. Sure, the Rockefellers and Bezos of the world have teams managing their fortunes, but what if I told you that the same principles could work for everyday business owners like you? Today, I’m showing you how to build your own […]
Tax Questions Answered: Vehicle Deductions, Entity Structure, WOTC Compliance, and More!
On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now! Go to www.TaxSavingsPodcsat.com Click Podcast Scroll to the Bottom and Submit Your Question You never know, your question may be on the next Q&A session. Below are today’s questions, tune into our Podcast to […]
Tax Questions Answered: Vehicle Deductions, Entity Structure, WOTC Compliance, and More!
On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now! Go to www.TaxSavingsPodcsat.com Click Podcast Scroll to the Bottom and Submit Your Question You never know, your question may be on the next Q&A session. Below are today’s questions, tune into our Podcast to […]