Question: Just started a business, what expenses can I deduct? What Business Expenses Are Fully Deductible vs. Partially Deductible? If you’re a business owner, you’ve probably asked yourself this at least once: “Can I write this off?” As a tax professional, I hear it all the time. While it may seem like a simple yes or no answer, the truth is that not all business expenses are treated equally when it comes to deductions. Some expenses are fully deductible, meaning you can write off 100% of the cost. Others are only partially deductible due to IRS limitations. And then there are a few that might surprise you with how little (or how much) you can actually claim. Fully Deductible Expenses: The Everyday Essentials Many of the expenses you incur while running your business are completely deductible. These are your bread-and-butter costs—necessary, ordinary expenses that keep your operations going. Some examples include the following: Office supplies, internet bills, software subscriptions, and utility costs tied to your workspace Professional services like bookkeeping, legal help, or tax preparation fees Paying employees along with your share of payroll taxes and benefits Renting an office or leasing equipment exclusively for your business
Question: How do I go about investing with minimal money? How to Start Investing with Minimal Money for Financial Freedom Thinking about investing might bring to mind images of Wall Street pros, huge portfolios, and complicated jargon. But here’s the truth: you don’t need thousands of dollars or a finance degree to start building wealth. You can begin your path to financial freedom with just a small amount and a clear plan. In this post, we’ll walk you through how to start investing even if your budget is tight — and how steady, smart steps can grow into financial independence. What Is Financial Freedom? Before we dive in, let’s clarify what financial freedom really means. It’s having enough income or assets to cover your living expenses — without depending on a job you don’t love or living paycheck to paycheck. Financial freedom means having choices: retiring early, traveling, starting a business, or simply enjoying peace of mind. Investing is one of the most powerful ways to get there. Step 1: Small Amounts Add Up Over Time Don’t underestimate the power of starting small. For example, if you invest $50 a month in an index fund averaging
Question: Should I hire a tax professional to do my business taxes or do them myself? It’s a question every business owner asks at some point: should I handle my own business taxes or bring in a professional? While doing it yourself might seem like a cost-saving move, hiring a tax professional could save you far more in the long run — in both money and stress. Let’s look at both sides of the decision so you can make the best choice for your business. Doing Your Own Business Taxes At first glance, doing your own taxes feels like the simplest route. You already know your business inside and out — so why not take control of your filings, too? The Upside The main advantage is cost savings. You won’t be paying preparation fees, and if your business is small or straightforward — say, a sole proprietorship or single-member LLC — using accounting software like QuickBooks or TurboTax Business can make the process manageable. You’ll also gain a deeper understanding of your financials. Handling your own taxes helps you see where your money is going, how much profit you’re really making, and what deductions you can
Did you ever wonder about some of the mistakes made when filing old taxes? I mean, what do people commonly mess up on? Well in this video we talk about two mistakes that are commonly made: Filling All Unfiled Returns Not Reporting All Your Income Making mistakes on your tax return can cost you money. You may miss out on a larger refund than you claimed, wind up owing more taxes (plus interest and penalties) or invite an audit from the Internal Revenue Service (IRS). The best defense against results like these is a good offense: avoiding making errors on your return in the first place! Now, at the end of that video we mention that we have a FREE DOWNLOAD for those who want it. The download? 5 Mistakes People Make When Filing Old Tax Returns. It discusses not only the two mistakes mentioned in this video, but 3 others, one of which could get you audited by the IRS! To grab your FREE copy of the download simply head on over to the courses page OR click on the image above.
Looking for how to save money buying a new car? Not trying to get taken for a ride while getting your new ride? Wanna know the best time to buy a new car so you get massive savings? Great, then keep reading as we’ll answer those questions and share 5 tips on how to save money when buying a new car! TIME THE MODEL YEAR New models are typically delivered to dealers in the Fall, which gives them an incentive to get rid of the prior model years. So, if you want a 2022 model, get it after the 2023 model is released. Dealers typically discount prices at that time to make room on the lot or in the showroom. Another little known trick? Buy a demo or certified pre-owned vehicle. Demo vehicles are typically used only for test drives or as a loaner. Which means that you can luck up on a demo that has low miles AND a discounted price. Further more, many leased cars are returned with low miles and you may find one that is less than 1 year old when you go shopping. KNOW THE BEST TIME TO SAVE What is the absolute BEST