Following business budgeting tips is essential to grow your business and understand your finances. However, only 54% of small businesses had a documented budget during 2021. By setting a great budget, you can learn how to grow your business and improve your success. Do you want to learn how you can create a budget for your business? Keep…
Life Insurance Requirements for SBA Loans (Best Guide)
In 2021, there were 61,000 loans through the SBA’s core lending programs; this equated to 44.8 billion dollars delivered to small businesses. If you’re applying for SBA loans, it can feel like there are some hoops you need to jump through. One of those is the life insurance requirement for SBA loans. Are you interested in applying…
Depreciation vs. Amortization: An Overview of Depreciation and Taxes
Did you know that there are 31.7 million small business owners in the US alone? The goal of a healthy business is to grow its income & assets while minimizing taxes. But in order to calculate the accurate value of our tangible and intangible assets for taxes, we need to understand depreciation vs. amortization and how…
Corporate Tax Rate in California (Ultimate Guide)
Running a business in California can be very exciting, especially in the beautiful major cities of San Francisco and Los Angeles. Who wouldn’t want to own a business there? Of course, before you start your own business, there are a few tax rates that you should be aware of, especially the corporate tax rate in…
What Is a Closely Held Corporation and How Does It Work?
There are several different types of corporations that you can form in the United States, such as LLCs, S corporations, Limited Partnerships, and more. You also have the opportunity to create your business as a closely held corporation, as long as you meet specific criteria. If your company does qualify, several different advantages come with…
How to Choose Tax Preparation Services: Everything You Need to Know
As we wade into the 2022 tax season, you don’t want to delay looking for the right tax professional for you and your situation. You also don’t want to select the first preparer you find without doing the necessary research. Preparing for tax season is crucial, especially if you have a tricky tax situation. There…
Marginal vs Effective Tax Rate: A Comparative Guide
Did you know that the US tax system is a progressive system? This means that the taxes you need to pay is based on your annual income. Marginal and effective tax rates will determine which tax bracket you are in. This article will discuss differences, examples, and tax planning strategies to ensure you have the best…
Section 179 vs. Bonus Depreciation: 7 Things You Should Know
Assets and equipment: what has your company purchased in the past year? Major asset purchases can transform your company operations, but they have another benefit, too: they can lower your taxes. Recording the depreciation expense of an asset using Section 179 or bonus depreciation can make a huge difference in the taxes you pay. Curious…
BMW X6 Tax Write Off 2021-2022 (Ultimate Tax Deduction)
BMW X6 Luxury SUV was BMW’s first Midsize SUV that focuses on people who love the handling of sports car but want a SUV. Some buy X6 for their passion of driving and many buy it to simply save money on their taxes by using the SUV for business purpose. In this article we will…
BMW X7 Tax Write Off 2021-2022 (Ultimate Tax Deduction)
BMW X7 Luxury SUV was BMW’s first Midsize SUV. People who love BMW X7 are die hard fans and wouldn’t replace their X7 with any other vehicle except an updated X7 or another BMW. Some buy this vehicle for their passion and many buy it to simply save money on their taxes. In this article…