If you’ve been running a small business for 5 to 10 years, you’ve likely hit a point where you’re looking to scale. You’ve got a solid foundation, but how do you take your business to the next level? Here are 9 key strategies to help you grow faster and more wisely. Leverage Your… Read More
As tax season rolls around, it’s easy to feel a mix of anxiety and confusion about preparing your taxes. Whether you’re filing for the first time or you’ve been through the process many times, gathering the right documents can make a world of difference. Having everything organized not only helps your tax preparer find every…… Read More
Tax audits can be stressful, time-consuming, and costly. While the IRS conducts audits for various reasons, there are proactive steps you can take to reduce your risk significantly. By maintaining accurate records, understanding tax laws, and adopting good financial practices, you can create a strong defense against the possibility of an audit. This article will explore useful strategies to help you stay ahead to minimize your audit risk and ensure your tax filing process runs smoothly.… Read More
Tax audits can be unexpected, stressful, and intimidating for both individuals and small businesses. While the IRS conducts audits for various reasons, understanding the common triggers can help you avoid potential pitfalls. This article details the key reasons individuals and small businesses face audits and offers tips to minimize your risk.… Read More
As tax year continues, misinformation can spread quickly, leading many to make mistakes on their returns. Here’s a detailed look at some of the most common tax myths, debunked to help you navigate the tax landscape with confidence.… Read More
As tax season approaches, so does an increase in scams and fraudulent schemes targeting unsuspecting taxpayers. The Internal Revenue Service (IRS) has made significant efforts to educate the public about these threats, but unfortunately many people still fall victim each year. Understanding these common tax scams can help protect your hard-earned money and personal information. In this article, we will explore various types of tax scams, how they operate, and what you can do to stay safe and protected.… Read More
In this article, you’ll discover essential steps to prepare for the upcoming tax season, focusing on high-income taxpayers and small business owners in Lenexa, Kansas. We’ll cover what actions you should take before December 31 to ensure a smooth tax filing experience, how to organize your records for your tax accountant, and best practices for reducing tax-related stress. Whether you’re a small business owner or a high-income individual, following these tips will help you stay ahead of the curve and avoid last-minute scrambling during tax time.… Read More
The R&D Tax Credit is a valuable incentive designed to encourage companies to invest in innovation and technological advancements. Available to businesses across various industries, this credit can significantly reduce tax liability by rewarding activities related to research and development.… Read More
A tax credit and a tax deduction both reduce your tax liability, but they do so in different ways. A tax credit directly reduces the amount of tax you owe, dollar for dollar. A tax deduction reduces your taxable income, which in turn lowers the amount of tax you owe based on your tax bracket.… Read More
By James R. Leichter (aka: Mr. HVAC) An Introduction to Federal Filing Requirements Understanding the federal filing requirements for various business entities is essential for maintaining tax compliance and avoiding penalties. Whether you’re managing an S-Corporation, C-Corporation, LLC, partnership, or non-profit organization, staying on top of federal tax forms is crucial. This comprehensive guide covers everything from…… Read More