As a business owner, you may have heard about the Beneficial Ownership Information (BOI) filing requirement that’s part of the new Corporate Transparency Act (CTA). But what exactly is it, why is it required, and what do you need to know? Here’s a simple breakdown to help you understand everything about BOI filings and why they matter. What is a BOI Filing? The BOI filing is a requirement from the Financial Crimes Enforcement Network (FinCEN), introduced under the Corporate T

Greetings!, We hope this message finds you in good health, and that the holiday season brought joy and warmth to your lives! As we embrace the dawn of a new year, there's one undeniable reality that takes center stage - tax season. While the world of taxes might not be as exhilarating as a Hollywood blockbuster, it certainly doesn't have to resemble a perplexing puzzle. Our mission is to empower you with insights and guidance to confidently navigate the intricate maze of tax

Did you know that there is a special way to deduct business expenses that can save you money on taxes? It's called the 12-month rule. To use the 12-month rule, you can prepay certain business expenses and deduct them in the year you pay them, even if the expenses benefit you for more than one year. Here are some examples of business expenses that you can prepay: * Utilities (heat, water, sewer, electricity, gas) * Internet (cable, fiber, phone) * Cell phone usage * Rent (if r

Blistering heat and unusually cold weather can put your heating and cooling units into overdrive. While it's great to stay comfortable, the real challenge often comes when you receive your energy bill. It's amazing how high energy costs can suddenly catch our attention during extreme temperature swings. It's not too late to start thinking about optimizing your home's energy efficiency even before the weather extremes hit. We understand that the upfront costs of these improvem

Here is an idea that could save you some money: lease instead of buying an EV to get the $7,500 EV credit. As you know, the federal government offers a tax credit of up to $7,500 for the purchase of an electric vehicle. However, this credit is only available for vehicles that are manufactured in the United States. But, if you're interested in leasing an electric vehicle, there's a loophole that you can use. Basically, the IRS considers leased vehicles to be commercial vehicle

I get ask about the $75 rule from time to time and thought I'd refresh your memory on this, as it is a bit confusing. Many taxpayers mistakenly apply the $75 rule to all their tax deductions, which can result in a significant loss of deductions and penalties. So, I encourage you to know the $75 rule and it's limitations to avoid potential negative consequences. The $75 rule basically applies to certain business expenses where you do not need a receipt. But I emphasize that th

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Taking distributions in your business is a fundamental thing you do as a business owner. However, taking distributions at the wrong time can really damage your business. In this video, I’m going to give you a method you can use to determine and calculate when and how much you can take out without causing harm to your business.

Vacations can be expensive! So in this video, I’ll walk you through the travel deduction Rules to see how you could possibly deduct some of your vacation costs. You’ll walk away with some ides to have Uncle Sam pay for some of your vacation and put some cash in your pocket to use on that vacation.

I've received a lot of questions about how the new $10,000 - $20,000 student loan debt forgiveness is going to work in real life, so I thought I'd share with you what I know so far: * The student loan debt repayment forbearance from the federal government has been extended until December 31, 2022. * President Biden officially announced student debt relief. Up to $10,000 per household, or up to $20,000 if you received a Pell Grant to attend college. * "How do I know if I rece

Has anybody ever reacted to your price with those words we all dread... "That's a bit expensive!" Well, there's a reason for that, and we can fix it through better communication. One of the most critical aspects of pricing is mastering the words we need to use so people understand the value you create. In this video you will learn 10 powerful strategies for communicating your value so more people say "Yes" and buy from you, and at higher prices. Specifically, you’ll discover: