Are you struggling to grow your agency, coaching, or creator business? If so, you might be unfamiliar with how to use growth cycles to grow! Do ANY of these statements resonate with you as you’re trying to grow your online business? “I have no idea how my business is performing.” “I don’t know why I…
The Ultimate Guide to Tax Planning For Your Online Business
It’s 7:00 PM on April 15 you’ve just written a check to the Internal Revenue Service for $23,450. You’re scratching your head wondering why Uncle Sam is getting his, and if there’s anything you could’ve done to save on taxes. The scary thought is that without working with a professional, you have no idea what…
How to Deduct Your Home Office in 2021
The number of business owners that have built their companies working from their home office has gone through the roof. Access to cloud-based software allows businesses to run seamlessly entirely online. As a result, working from your home office has become the new normal in a post-COVID world in 2021. We’ve been bringing up hidden…
Do You Qualify for a $1,200 Cash Rebate?
The “CARES Act” – Coronavirus Aid, Relief, and Economic Security Act As COVID-19 mandates continue to decimate the US economy, Congress and the White House have worked together to pass emergency legislation to provide an unprecedented $2 trillion of relief for American taxpayers and businesses. The CARES Act is a new bill passed in the…
A Crash Course in Accounting for Online Entrepreneurs
Every entrepreneur needs to understand basic accounting in order to responsibly grow their business. Without understanding basic accounting and what the numbers are telling you, it’s impossible to answer simple questions like: How much should I pay myself? Can I hire another contractor? Are my client projects profitable? Do I have enough working capital to…
How Recurring Tax Deferrals Reduce Your Tax Bill
A Recurring Tax Deferral strategy helps you save on taxes by timing the recognition of income and deductions when it’s most advantageous to your business. Before we explore further, we need a quick lesson on how your business currently recognizes income and deductions based on your Tax Method of Accounting. A Primer on Your Tax…
How Limited Liability Company Taxes Work For Marketers
It’s no secret that the de facto choice for your marketing agency’s legal entity is a limited liability company (“LLC”). A limited liability company is the preferred legal entity of choice for marketers for the primary benefits: Flexible Capital Structure Limited Liability Protection Flexible Capital Structure With an LLC, you can create an unlimited combination…
How To Maximize Your Qualified Business Income Deduction
Did you know that 2018 was the HUGE tax savings year for business owners with a shiny new super deduction – the Qualified Business Income Deduction under Section 199A? The Tax Cuts and Jobs Act was a huge boon for agencies, coaches, and creators in the US, especially when the Qualified Business Income Deduction under…
How to Lower Your Tax Bill By Accelerating Deductions
Do you know when you can claim a deduction and when you have to defer it? Claiming a deduction on a business return sounds pretty simple, right? All you need to do is look at your practice’s income statement and just enter it into TurboTax as a deduction… no questions asked. It’s a little more…