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In the realm of tax deductions, business meals stand out as both a necessity for networking and a potential area of scrutiny from the IRS. The Sutter rule, named after a case involving Dr. Sutter and the Tax Court, underscores the delicate balance between legitimate business expenses and personal living costs when it comes to […]

Closing a business marks a significant decision for any entrepreneur, and understanding the tax implications is crucial to avoid unexpected liabilities. Whether you operate as a sole proprietorship or a single-member LLC treated as a sole proprietorship for tax purposes, here’s an overview of key considerations when shutting down your business: 1.  Asset Sale Tax […]

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 […]