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November 28, 2023
What Is Bonus Depreciation? Eligibility & How To Claim It

If you look at Donald Trump’s tax returns, you’ll see that he barely pays any taxes, and the reason is because of depreciation. When you buy a property, it loses value over a period of time and you can start claiming that as a loss each year. Residential properties depreciate over 27.5 years, while commercial [...]

September 5, 2023
Financial Planning for Entrepreneurs With Irregular Income

In entrepreneurship, the excitement of forging your own journey is accompanied by unique challenges. Among these challenges is navigating how to handle an unpredictable income. Unlike the predictability of a monthly salary, variable income can swing you from feast to famine, making financial planning feel impossible. But with informed strategies in place, it’s possible to maintain [...]

August 25, 2023
How to Choose The Perfect Business Name (And Things to Avoid)

Choosing a business name is one of the most important steps in building a successful and memorable brand. You should select a name that not only represents your company’s values and objectives but also resonates with your target audience, since your name will be the first thing people associate with your company. With countless companies [...]

August 24, 2023
How to Register a Business in the US (Six Easy Steps)

Registering a business for the first time can seem daunting, but it doesn’t have to be. There are only six steps you need to go through, and depending on the business structure you choose and the type of business you’re starting, you may be able to skip a few of the more complicating steps as [...]

August 18, 2023
The Tax Benefits of Hiring Your Kids & Family Members In Your Business

As a business owner, you’re constantly seeking ways to reduce your tax burden and maximize profits. One often-overlooked strategy is to hire your kids and family members to work for your company, which not only provides valuable employment opportunities for your loved ones, but can also offer significant tax advantages for your business. By integrating your [...]

August 17, 2023
QSBS and QSBS Stacking Explained: How It Works, Limits, and Eligibility

Qualified Small Business Stock Exemption (QSBS) is one of the powerful tax breaks for small business and startup founders, investors, and employees with equity. It can allow you to completely avoid taxes when selling appreciative assets (like your equity or business), if it’s QSBS eligible. QSBS allows you to avoid taxes on up to $10 million [...]

August 9, 2023
How Many Freelancers Are In the US? [Statistics for 2023]

More and more Americans are shifting toward freelance work, either on a full-time basis, or as a part-time contractor on the side of their day jobs. Last year, in 2022, over 36% of the US workforce stated that they participated in freelance work. People are attracted by the idea of earning more money, having more [...]

May 31, 2023
Small Business Tax Rates 2023: How Much Tax Does My Business Need To Pay?

The amount of business taxes that you’ll have to pay at the end of each year largely depends on the business entity you operate under. If you’re a corporation, you’ll have to pay the corporate tax rate, which is 21% for 2023. Businesses that are not incorporated (also known as pass through entities) are taxed at [...]

May 31, 2023
What Are The Different Types Of Business Entities?

When you’re starting a business, choosing the business structure that you’ll operate under is one of the first important decisions you’ll have to make. It’s important to choose the right entity for your situation because there are different administrative, tax, and legal ramifications for each one. There are over a dozen different types of business entities [...]