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The delayed income strategy is a powerful tool.   This tactic allows business owners to postpone recognizing income until the following tax year, potentially reducing your immediate tax burden. This strategy can be particularly useful for someone who has began their tax planning efforts late, and has concerns of an excess tax debt. Step-by-Step Guide […]

Tax season can be a daunting time for small business owners, with the pressure of ensuring accurate financial reporting and meeting deadlines. However, there are proactive measures that entrepreneurs can take to make this period less stressful and more manageable. Following are, five strategies to ease the tax season burden for business owners: Organize Your […]

Are you looking to turn the tables and have the IRS owe you money? While getting a check directly from the IRS might be a rarity, there are legitimate strategies that can put cash back in your pocket by reducing your tax liability. In this article, we’ll explore five powerful business tax deduction strategies that […]

For those who enjoy a bit of gambling, the tax implications are not to be taken lightly.   Imagine gambling over the year, losing money, and then having to pay $13,898 in taxes on your gambling activities. This is a feasible quagmire for the casual gambler. In this article, we’ll delve into a real-life example […]

Most people are familiar with the common deductions like mortgage interest, charitable donations, and medical expenses.   However, the tax code holds some truly bizarre and spooky tax deductions that might just spook you. In honor of Halloween, let’s look at strange deductions that can ward off those evil taxes. Ship Repairs for Whalers   […]