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Articles to LIFT Your Life and Business

FAQs About Independent Contractors and 1099s

With the rise of the “gig economy” and so many people now working as independent contractors (ICs), as opposed to full-time employees, you should be well-familiar with the rules and requirements for the tax form known as a 1099. A 1099 is designed to document and track payments you make to ICs for services they […]

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3 Big Breaks Trump’s New Tax Law Offers Small Businesses You May Have Missed

As you’ve undoubtedly heard by now, the 2017 Tax Cuts and Jobs Act (TCJA) is the most sweeping change to the U.S. Tax Code in more than 30 years. And while the legislation provides many of the biggest breaks to large corporations, it offers numerous benefits to smaller businesses as well. Due to the immense […]

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The Tax Benefits of Hiring Your Children Just Got Better

Hiring your minor children to work in the family business is a great way to help them develop a solid work ethic, teach them money-management skills, and fund their savings for the future. But employing your children also comes with a number of valuable tax benefits that you might not be aware of. And following […]

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How to Save Big Money on Your 2018 Taxes—Part 2

In the first part of this series, we discussed the initial steps to take to save big on your 2018 taxes. Here, we continue with the next steps in this process. Taxes are a thorn in just about every entrepreneur’s side. Indeed, taxes are your single biggest business expense. Fortunately, it’s fairly easy to reduce […]

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How to Save Big Money on Your 2018 Taxes—Part 1

Realizing that your biggest personal and business expense, bar none, is taxes can be quite a shock. Indeed, seeing so much of your hard-earned money end up in the government’s hands can feel like a shakedown. Fortunately, focusing just a little time and effort on strategically reducing your taxes can pay huge dividends. The first […]

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New Tax Savings Available Using Section 179 and Bonus Depreciation

With the end of the year approaching, it’s time to think about taxes again. While tax planning might not be the most exciting part of your job, with the right strategies in place, you can keep a lot more of the money your company brings in. Without proper planning, taxes can be your biggest expense, […]

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The Tax Benefits of Limited Liability Companies

As its name suggests,  limited liability companies (LLCs) protect personal assets from debts and other business liabilities. But you may not be aware that LLCs can also offer tax savings. As an LLC, you have flexibility in choosing how you’ll be taxed. This allows you to reap a number of benefits unavailable to other business […]

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The Pros and Cons of Hiring Independent Contractors

If you’re a business owner, one of the most important choices you must make is whether to hire full-time employees or use independent contractors (IC). While the two classifications may seem quite similar, they both come with a wide array of unique advantages and disadvantages. What’s more, if you make a mistake when classifying your […]

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What Will the New Tax Law Mean for Your Business?

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act bill into law, and taxpayers are still trying to figure out how it might affect them. This is especially true for business owners, as the most dramatic changes under the law are aimed at how businesses are taxed. We’ve highlighted the most […]

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How to Deduct $5,250 of Your Adult Child’s College Tuition as a Business Expense

With today’s tuition costs at astronomically high levels, paying for a child’s college education can feel like extortion. If your child is an adult, you may have decided that it’s up to him or her to pay for tuition, but if you do want to help your adult child (or grandchild) with college tuition, there […]

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Business Owners May See Potential Windfall From New Tax Bill

UPDATE: The new tax bill has been signed into law, so for information on the bill’s final provisions and how they might affect you, refer to the article posted on 2/9/18. Due to its highly touted “business friendly” nature, the new Republican tax bill—which recently passed both the House and Senate—has been highly anticipated by […]

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