Keeping your personal finances separate from your business finances is essential as a business owner. Mixing the two can lead to confusion, financial problems, and even legal issues. Below are some factors to consider when evaluating whether to divide your business and personal financial accounts. Legal protection Separating your finances provides legal protection and ensures […]
For Americans who receive regular paychecks from their companies and an annual W-2, you are most likely not making estimated tax payments. Taxes are withheld from each paycheck, and then you file your taxes each April and either get a refund, or potentially owe a balance due. The responsibilities for W-2 employees and business owners […]
In case you’ve been watching TikTok or other social media, the answer is no. You cannot buy a Land Rover for a day and then turn around and sell it and write it all off. But, yes, it is possible to buy a car through your business. In fact, many businesses purchase vehicles for their […]
There are some things in life where it is acceptable to be fashionably late. Filing taxes is not one of them. Below are important deadlines for 2023 with options if you are unable to file on time. Partnerships (Form 1065) and Corporations (Form 1120-S) March 15, 2023 is the federal deadline for filing a partnership […]
As a business owner, you want to do everything possible to ensure that your hard-earned money stays in your pocket. That’s why tax efficiency is so important—it helps you keep more of your money and gives you greater control over how it’s spent. But what does being tax efficient really mean? Let's break it down. […]
Starting a business can be an exciting venture, but deciding on the right business structure can be confusing and overwhelming. Two of the most popular structures are Limited Liability Companies (LLCs) and S Corporations (S Corps). Both of these structures have their own advantages and disadvantages, and the right choice will depend on the specific […]
As small business owners, it's vital to plan ahead for the new year. Taking time to review your financial goals and strategies, assess finances, and do tax planning is essential to ensure that your small business reaches its financial objectives. Here are 3 ways to plan ahead for financial success in 2023! Review Financial Goals […]
One of the questions I get most often this time of year is around whether or not to lease a vehicle through your business. There is a lot of bad information out there. Since we are approaching the end of the year, here are a few guidelines to follow for business use of a vehicle […]
Starting this year, Georgia pass-through entities are now allowed to deduct state income tax at the entity level. Georgia H.B. 149 allows pass-through entities (partnerships, LLCs taxed as partnerships, and S-corps) in Georgia to pay state income taxes at the entity level and claim a full deduction for those state taxes on their federal tax […]
