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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
