Financial Planning Insights

Many are wondering, "Can I claim business mileage on my tax return?" In 2017 The Tax Cuts and Jobs Act had a significant effect on deductions. Business mileage deductions were among the many deductions no longer allowed except in certain circumstances. Who is able to claim mileage has changed. Employees can no longer claim mileage. But, if you are..

Small businesses are prone to miss employee benefit write-offs. These deductions can make the difference in owing and not owing taxes or paying more in taxes than you are required. That is why it is vital to have a good idea of what these write-offs may be. Tax preparation is much easier if you understand the process.

Multi-State employees are a fact of life for many businesses. Employees may be moving from one location to another as part of their employment or they may be working remotely. Many businesses have offices in one or more locations outside of the home location and as businesses grow they may include multiple states. This is positive when it comes to..

Times have become uncertain in almost every industry. This has required employers to make difficult decisions. Working from home has allowed some employers to continue to do business as usual but this is not possible in every type of business. Two options for cutting back on staff are furlough and layoff. Both of them have implications for the..

Surprisingly, there are tax deductions on the tax return filed by the self-employed that small enterprises sometimes miss. Taking advantage of all possible tax deductions and tax credits is a major part of tax planning. Timing of revenue streams and expenses can also be very important. It's best to consult your CPA for personalized guidance, but..

Owning your own business comes with plenty of challenges and your dental practice is no exception. You want to focus on your patients, not on your finances and taxes. But in order for a business to run smoothly and profitably, you need to make sure that you take tax planning seriously. Tax planning involves lots of different areas and all of them..

If you've applied for and received the Paycheck Protection Program (PPP) Loan, you might be wondering what's next? Here's what you need to know to take the next steps: 

Filing a tax return can be a frustrating, anxiety-inducing task. Many small businesses struggle to keep up with tax deductions, income, and understanding how certain indirect costs can be claimed. Tax filing is scary not only because of that but also because everyone is afraid they are claiming something they shouldn't and a tax audit might..

Tax law is constantly changing. With each administration, the structuring and loopholes in the current wording are often changed. There are some tax write-offs that continue to be the standard while others change from year to year. It is vital for veterinarians to stay current on the changes and to continue to reduce income tax through the use of..

Having a small business means you are often too busy to think about your next tax return. However, it is imperative that you work all year round to be prepared when tax time comes and ensure your business accounting is updated and accurate. Otherwise, you will find yourself scrambling to figure out all of your expenses and may end up paying more..