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Maximizing Tax Benefits: The Business Use of a Vehicle

An often-overlooked area to optimize financial strategies is the business use of a vehicle, which can offer significant tax advantages if managed correctly.

What constitutes qualifying business use? Generally, the use of a vehicle for business-related activities, such as transportation to client meetings, travel to business-related events, and delivery of goods or services, can be considered for tax purposes.

Embrace a Fresh Start: Welcome to the New Tax Season!

As the calendar resets and a new year is upon us, it’s time to gear up for the upcoming tax season.

This period brings proactive planning, organization and informed decision making to navigate tax obligations efficiently.

The IRS will begin accepting electronically filed returns mid-January and the deadline to file will follow on April 15th.

Understanding 1099 Employment

In the evolving American labor market, 1099 employment has become a significant aspect for many working individuals.

This form of employment represents a category of work that differs from traditional full-time employment.

Understanding 1099 employment is crucial for both workers and employers to understand the responsibilities and expectations of both parties. 

Charitable Donations – Cash Contributions 

If you itemize deductions on your tax return, you may be able to include any charitable contributions made during that filing year. Itemizing donations entitles taxpayers to charitable contribution deductions.

Qualifying organizations, typically 501(c)(3), serve the public, providing a valuable service to the community and do not operate for profit. In general, these organizations are either charitable, religious, educational, scientific or literary.

Valuation of a Business

Similar to getting a real estate appraisal or checking the value of your stock, you can determine what your business is worth by having a valuation prepared by an accounting professional. A business valuation is the analytical process of determining the current or projected worth of a company. It can help determine where a company stands in the market.

There are a number of reasons why one would be interested in getting their business valuated…

The Cans and Cannots of Your CPA

Your CPA is your number one resource for filing your taxes, but there are some things they cannot do (we know, hard to believe!). The IRS protects your privacy and limits what CPAs can do after they’ve filed your taxes.

CPAs are different than accountants. While CPAs are always accountants, it’s not always the other way around. CPAs go through continuing education, are licensed by a governing body, and monitored to ensure they follow all codes of conduct.

5 Common Small Business Budgeting Errors to Avoid

Running a small business requires business owners to handle many tasks, and often budgeting gets put on the back burner. However, it is one of your most important tasks as a business owner. Unfortunately, many business owners avoid budgeting because they don’t understand it.

Most of this misunderstanding comes down to small business owners’ most common budgeting errors. Here are the top small business budgeting errors you should avoid to make budgeting easier.

5 Rental Tax Deductions to Write Off

Did you know if you earn rental income from a property you own and rent out, you might be eligible for certain tax deductions? The deductions must be for necessary and ordinary expenses to own and maintain the property.

Here are 5 of the most common rental tax deductions you might be able to take.

How is Cryptocurrency Taxed in the United States?

Cryptocurrencies have been increasing in popularity, and we are seeing more and more questions about how they are taxed. In this blog post, we will take a brief look at the current state of cryptocurrency taxation in the United States. We will answer some common questions about how taxes work for digital currency transactions and provide some tips on how to stay compliant with the tax law.

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