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Tax Advice: Income Tax Deductions vs. Tax Credits… Which One Is Better?

by Tracey Hrica Feb 27, 2023

While a deduction can reduce the amount of taxable income, credits can directly reduce the amount of tax owed, dollar for dollar, so they offer a greater tax benefit.  Here's the difference between tax credits and tax deductions: Both reduce your tax bill, but in very different ways.  For instance, a tax credit valued at $1,000 lowers your tax bill by the corresponding $1,000. Tax deductions, on the other hand, reduce how much of your...

Do You Have a Business Plan? If Not, Here is What You Need to Know

by Tracey Hrica, EA Dec 07, 2022

A business plan is a document setting out a business’s future objectives and strategies for achieving them – Oxford Dictionaries A strategic business plan is vital to the health of your business. In general, it’s a written description of your business’s future; specifically, the next three to five years. That’s all there is to it – the contents of a business plan simply describe how your business will work and the steps you ...

S Corp Owners Beware! 3 Big Red Flags That Can Trigger an IRS Audit.

by Tracey Hrica, EA Dec 01, 2022

ATTENTION S CORP SHAREHOLDERS!! Anyone remember when the Tax Cuts and Jobs Act(TCJA) was first enacted? Or, even know what it is, lol? If you don't remember, it was the biggest rewrite of the tax code in decades. One of the fallouts from the TCJA is the increased scrutiny by the IRS of S Corporations and their shareholders.  The IRS has been especially interested in several tax liability issues regarding distributions, officer loan rep...

9 Certified Tips to Slash Your 2022 Tax Liability Before it’s too Late

by Tracey Hrica, EA Nov 29, 2022

Do you feel the time ticking away? 2023 is quickly approaching, and now is the time to do some year-end tax planning. Did your business have a good year? Did you get hit with some unexpected expenses, and now you're rebounding from the recent losses? Did you just launch your business, and you're struggling to make it off the ground? Whatever your situation, there's time before the end of the year to make moves that could save you a bund...

Everything You Need To Know About Being Self-Employed

by Tracey Hrica, EA Nov 15, 2022

Do you want to be your own boss? Is everyone you know talking about being self-employed? Well, if you have been hearing the term self-employed used a lot lately, I bet you may be wondering what being self-employed means and if it could be right for you. Self-employment is when you work for yourself instead of an employer. You don’t have an employer who pays you a regular salary or wage, and you don’t receive a W-2 at the end of the ...

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