Essential guides for running your business including home office deduction, QBI deduction, recordkeeping, repairs vs improvements, and business expense strategies.
Maximize your business deductions and maintain proper tax compliance with these comprehensive operational guides.
Regular method vs. simplified method, exclusive use requirements, depreciation considerations, and maximizing your deduction.
Understand the 20% QBI deduction, income limitations, specified service trade or business (SSTB) rules, and planning strategies.
What records to keep, how long to keep them, and best practices for tax compliance and audit protection.
How to take money out of your business: wages, dividends, distributions, loans, and tax implications of each method.
Determine whether an expenditure is a currently deductible repair or must be capitalized and depreciated as an improvement.
The 9-factor profit motive test, presumption of profit rule, and tax treatment differences between hobbies and businesses.
Inventory valuation methods, accounting for cost of goods sold, and compliance requirements.
Excess business loss limits ($313,000/$626,000 thresholds), net operating loss carryforward rules, and passive loss limitations.
SBA resources, business planning, budgeting, internal controls, and operational best practices.
Track and organize your business expenses for tax reporting and planning purposes.
Business tax planning can significantly impact your bottom line. Schedule a consultation for strategies tailored to your business.