With the introduction of the Tax Cuts and Jobs Act, many taxpayers are wondering how it will affect the tax deductibility of their medical items – like insurance. Largely, the new tax bill has left these deduction as they were, albeit perhaps harder to take the itemized deductions.
When most of us think about running our business, we think about the fun things like product development, marketing and customer outreach. For most business owners, the idea of accounting is, to say the least, not exciting. We know we need it, and moreover, we love to do everything ourselves. But at the end of the day. We need to look at the cost effectiveness of having our hands in everything versus hiring someone with the knowledge and skill to do it for us. Bookkeeping is a very important part of your business. It is what helps you determine areas of growth, where you need to trim back, how you market, how you staff, what taxes need to be filed, and will in general be part of every informed decision you make about your business.
You may have heard about subscription businesses and what owning a subscription business might be like. This article will help clarify what you may or may not have heard by going through some of the basics of owning and operating a subscription business.
You had a great idea and now you’ve put it in motion as a business. And while income recognition is easy to determine, qualified business deductions can be a bit harder. So… what are the most common tax deductions for small businesses?
It used to be that the term “Section 1031 Exchange” or even “Like-Kind Exchange” was uncommon except in certain circles. But as the idea of tax strategies have reached more and more taxpayers coupled with the housing market’s fluctuation in recent years, 1031s have become increasingly commonplace.