From the perspective of your tax return, a business loss is a good thing. A business loss reduces your overall income, and thereby reduces your income taxes. For many small businesses, properly planning your tax strategy for the year means identifying whether you have a net loss for your business.

Of course, there comes some risk with having a net loss; the IRS can take an active interest in businesses with a loss, especially those that have a loss year after year.

Here are some smart strategies for deducting and preserving your business losses, as well as some information you need to know:

If you’re going to have a business loss, some deductions should be deferred. For example, you might… Read more →

When it’s an “On-Premises Employee Athletic Facility” – and yes, you can deduct that*!

Do you have a home office with a pool out back? If so, have you ever viewed it as a way to pay less in tax? You should! You could be missing out on an opportunity to deduct it under IRS Code Section 132(h)(5) or Section 125!

Like it or not, you need help with your taxes. In fact, taxes have grown so complicated that the tax code contains more words than the bible! A Certified Tax Coach™ will look at your expenses and ask questions, hunting for missed deductions and ways to lower your tax bill.

The single most expensive tax mistake people make is … Read more →

Most business owners think making more money is the best way to grow the bottom line. In fact, a good tax strategy can help you do that by helping you keep more of your hard-earned money.

For most business owners, taxes are your biggest expense. So, it makes sense to focus your financial defense where you spend the most.

As business owners, you can put cash in your pocket in two ways. Financial offense, earning more, or financial defense, spending less. You can spend all sorts of time, effort, and money advertising and striving to make more. You can fill your pipeline with leads and potential customers. But, that can’t guarantee results.

Tax planning guarantees results. Filling your … Read more →

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