Tag Archives: Business

The Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, introduced by the Tax Cuts and Jobs Act (TCJA) in 2017, has been a significant tool for small business owners, including sole proprietors, partnerships, S corporations, and some trusts and estates. As we look towards 2024 and beyond, it’s crucial for small business owners toContinueContinue reading “Understanding the Qualified Business Income Deduction for Small Business Owners”

As a small business owner, you’re always looking for ways to maximize your tax deductions. One question that often arises is whether gym memberships can be written off on taxes. The answer isn’t straightforward and hinges on several IRS guidelines and the specific circumstances under which the expense is incurred. Understanding the General Rule TheContinueContinue reading “Can Small Business Owners Write Off Gym Memberships on Taxes?”

As a small business owner, understanding how to fully leverage tax deductions can significantly reduce your taxable income and enhance your financial efficiency. One of the most practical yet often underutilized deductions is for business-related meal expenses. Here’s a comprehensive guide to help you maximize this deduction while staying compliant with IRS regulations. If youContinueContinue reading “Unlocking the Secrets of Meal Expense Deductions for Small Businesses”

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 buy a new TV” (thatContinueContinue reading “Top Small Business Tax Deductions: How to MAXIMIZE Savings”

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 decision on what you may wantContinueContinue reading “What Retirement Plan Options Are Available For My Business in 2024?”