Small businesses are the backbone of any economy, and entrepreneurs often face numerous challenges in managing their finances. One area where small business owners can find relief is through strategic tax planning and taking advantage of available tax deductions. These deductions can significantly reduce taxable income and free up capital for reinvestment or expansion. In this guide, we’ll explore the most […]
AI Tax Tools for Small Businesses
Artificial intelligence (AI) is reshaping the way small businesses handle taxes. What used to require hours of manual data entry, form-checking, and compliance tracking can now be automated and analyzed with remarkable accuracy. AI-powered tax tools give small business owners the power to simplify filing, minimize errors, and stay compliant, without needing to become tax […]
Why S Corps Get Flagged for IRS Audits
An S corporation, or S Corp, offers small business owners a flexible way to reduce tax liability while maintaining corporate protections. But with those advantages comes heightened attention from the IRS. While S Corps aren’t inherently more likely to be audited than other entities, they do present specific S Corp audit triggers, issues that commonly […]
How to Claim a Home Office Without Triggering an Audit
Remote work has gone mainstream and so has the home office deduction. For freelancers, small business owners, and self-employed professionals, it can be one of the most valuable tax breaks available. Yet, one question keeps surfacing every year: does the home office deduction trigger an audit? The short answer is no. However, claiming a legitimate deduction for a qualifying […]
How to File Taxes as a Musician or Artist
Filing taxes as a musician or artist can feel overwhelming, especially when your income comes from multiple sources like gigs, royalties, teaching, merchandise, licensing, or commissions. Unlike traditional employees, artists are often considered self-employed, which means different rules for reporting income, paying self-employment tax, and claiming deductions. The upside? With proper planning and record-keeping, you […]
How Does Self-Employment Tax Work?
If you’re self-employed, you likely know that managing your taxes can feel more complicated than simply having an employer deduct them from your paycheck. One of the most critical aspects of your tax responsibility is self-employment tax, which covers Social Security and Medicare contributions. In this guide, we’ll break down what self-employment tax is, how […]