In 2022, businesses could deduct 100% of big purchases like equipment & vehicles. But itβs phasing out by 20% per year
π° Will it be extended? No one knows. If you're a business owner, use it while you can
#TaxUpdate#BusinessTaxes#TaxStrategy#SmallBusiness#Finance
π₯ Sales Tax 101: Whether you have nexus or not, remember: collected sales tax isn't yours. Avoid fraud accusations by either refunding it to the customer or remitting it to the state. #SalesTaxManagement#BusinessEthics#TaxCompliance
π Who's responsible for collecting sales tax? If you're in retail, selling directly to the end user, it's on you! But what about wholesale or distribution models? Here, the game changes slightly... #BusinessTips#TaxCompliance
Tax Filing Season Tip: Joint vs Separate π€ππ
While most are better off filing jointly, there are unique situations where 'Married Filing Separately' is the smarter choice. In this episode, we explore those rare but crucial scenarios! #Taxes#SmartFiling#TaxSeasonAdvice
Faced with Mary's high medical costs, Mary and Mark chose to file taxes separately. This smart move lowered Mary's AGI, allowing them to exceed the 7.5% threshold for medical deductions β a relief they couldn't get when filing jointly. #TaxStrategies#MarriedFilingSeparately
Tune into the 'Small Business Tax Savings Podcast' or explore our blog at https://t.co/4rOtyTyrfg, offering insights in both audio and text. Whether you listen, read, or watch, we've got you covered. Your first step in mastering tax savings starts here! #TaxEducation#Business
The government may not shout it from the rooftops, but tax codes are filled with strategies specifically designed for business owners like you. These aren't just random rules; they're incentives for you to reduce your tax bill and thrive #Taxes#FinanceAdvice
β° Tick-tock, it's 1099 crunch time!
If you haven't started on your 1099 NEC and miscellaneous forms, nowβs the time. Don't let the deadlines sneak up on you. Get started now and sail smoothly through tax season! #1099NEC#Tax
π‘ Understanding the 1099-K: It tracks all your digital transactions - credit/debit cards, gift cards, payment apps, and online sales #1099-K #DigitalTransaction#Tax
Options like Simple IRAs, SEP IRAs, and 401ks offer unique benefits, but have their own costs. Understand the hard dollar costs, including contributions to employee accounts and administrative fees, especially for 401ks with a Third-Party Administrator (TPA) #Retirement#Finance
Streamline your tax prep with this pro tip: Gather all your documents first β W-2s, 1099s, 1098s, and more β then send your accountant one organized file. #Tax#Accounting
Rethink what a financial advisor can do for you! π€πΌ It's not just about stocks and bonds; it's about mastering what you can control. #FinancialWisdom#ControlYourFuture
Running an S corporation and thinking of hiring a family? Consider setting up a family management company! This sole proprietorship can offer services like cleaning to your S corp, allowing you to employ family members more efficiently. #FamilyBusiness#TaxSavings#SCorporation