Tax Planning

Self-employed? Don’t overlook valuable tax deductions

Self-employed individuals often miss legitimate tax savings. Don’t let this happen to you. Learn the basics of claiming business expense deductions, including those for your home office, meals, vehicle and more.
June 8, 2026
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If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or misunderstood. Filing basics Sole proprietors and independent contractors must report their business activity […]
#SelfEmployed, #SmallBusinessTaxes, #TaxDeductions
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Retirement Planning

Self-employed? Don’t overlook a Roth IRA

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think again. Many self-employed individuals are eligible for contributions without realizing it.
May 26, 2026
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Some small business owners overlook Roth IRAs because they assume their income is too high for them to qualify to make Roth contributions. Others may think their current tax rate is higher than it will be in retirement, making current tax deductions more valuable than future tax-free distributions. However, if you don’t at least consider contributing to […]
#RetirementPlanning, #RothIRA, #SmallBusinessTaxes
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Tax Planning

Business deductions for four-legged coworkers

Expenses related to animals that protect business property or inventory may qualify for tax deductions. But the IRS draws a clear line between a working animal and a household pet. Learn the tax rules and required documentation.
March 16, 2026
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Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: Dogs […]
#BusinessTaxDeductions, #SmallBusinessTaxes, #TaxPlanning
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Tax Planning

6 essential tips for small business payroll tax compliance

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March 24, 2025
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Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all […]
#PayrollCompliance, #PayrollTips, #SmallBusinessTaxes, #TaxRegulations
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