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Articles to LIFT Your Life and Business

3 Business Tax Mistakes to Avoid This Tax Season

Ah tax season – That time of year when we’re required to get our ducks in a row whether we’re ready or not. And as a small business owner, there are extra pieces of your tax filing puzzle you need to watch out for to make sure you’re not only following the law but also […]

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Year-End Tax Tactics: Strategies to Lower Your 2023 Business Tax Bill – Part 2

Last week we looked at four methods you can use to save money on your 2023 business tax return: Make large purchases for your business before December 31 Defer business income until next year Accelerate business expenses to this year, and Contribute to your employee HSA accounts This week, I share more ways end-of-year tax […]

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Year-End Tax Tactics: Strategies to Lower Your 2023 Business Tax Bill – Part 1

It might seem a bit early to think about your 2023 business taxes, but as the year draws to a close, it’s the perfect time to take a closer look at your company’s financial situation and make some strategic moves to minimize your business’ tax liability come next April. Year-end tax planning for your business […]

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How Your Choice Of Business Entity Affects Your Tax Obligations—Part 2

Along with personal liability protection, record-keeping requirements, and how you plan to finance your operation, one of the main factors to consider when choosing an entity structure for your business is deciding how you want your company to pay taxes. Your choice of entity will not only determine the rate at which your business is […]

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How Your Choice Of Business Entity Affects Your Tax Obligations—Part 1

Along with personal liability protection, record-keeping requirements, and how you plan to finance your operation, one of the main factors to consider when choosing an entity structure for your business is deciding how you want your company taxed. Your choice of entity will not only determine the rate at which your business is taxed, as […]

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How To Save Big Money On Your 2022 Taxes—Part 2

Taxes are a thorn in just about every business owner’s side. Indeed, taxes are your single biggest business expense. That said, it’s fairly easy to reduce the amount of sting taxes cause—but you have to be proactive. And we’re not talking about doing anything illegal. Evading paying taxes is a recipe for disaster. However, implementing […]

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How To Save Big Money On Your 2022 Taxes—Part 1

When you first realize that your biggest personal and business expense—bar none—is taxes, it can come as quite a shock. Seeing so much of your hard-earned money wind up in the government’s hands can feel like a shakedown. That said, focusing a relatively small amount of time and effort into strategically reducing your taxes can […]

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Ways You Can Save On Company’s Tax Bill

In light of the pandemic, the rules and programs governing income taxes for businesses have changed numerous times over the last two years, which has caused confusion and headaches for more than a few business owners. And while many of the pandemic-inspired programs and tax breaks have already ended or will end soon, a few […]

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3 Best Practices To Avoid Misclassifying Employees As Independent Contractors

In the last decade, the rise of the gig economy has fueled an unprecedented increase in the number of independent contractors (ICs) in the U.S. workforce. And that growth has only accelerated in the wake of the pandemic, with more companies relying on remote work arrangements, and many workers laid off during the shutdowns and […]

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The Advantages of Launching Your LLC in the New Year

You may be wondering why so many business owners choose January 1 as the start date for their company. Surely, it’s not because everyone has the same New Year’s resolution, right? The fact is, there are a number of distinct advantages to launching your Limited Liability Company (LLC) at the beginning of the new year, […]

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Now Is Your Last Chance To Save On Your 2021 Taxes

When you first realize that your biggest personal and business expense—bar none—is taxes, it can come as quite a shock. Seeing so much of your hard-earned money wind up in the government’s hands can feel like a shakedown. That said, focusing a relatively small amount of time and effort into strategically reducing your taxes can […]

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