• What to do before a recession happens

    Things To Do If A Recession Happens

    Amidst the current economic state, characterized by the highest inflation rate in a decade and concerns of a prolonged recession, corporate CEOs are engaging in discussions regarding the potential occurrence of a recession. Typically defined as an economic downturn lasting at least six months, a recession is a matter of significant consideration for business leaders.…

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  • How to make your vacations a tax deduction?

    How to make your weekend getaways a tax deduction?

    As a business owner, one of the advantages is the ability to claim tax deductions for expenses related to the business. When planning for your upcoming vacation, it is important to ensure that you capitalize on all the legally entitled tax write-offs, including the opportunity to reduce your tax liability by converting your vacation into…

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  • New Business Formation - Profit Wise Accounting

    How To File Taxes as a New Business

    How To File Taxes as a New Business As a newbie small business owner filing taxes, you may experience a sense of apprehension towards the process. You may find yourself seeking clarity on pertinent issues such as the appropriate forms to use, the preparation of business financial state for tax season, eligible deductions, and the…

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  • What is the Augusta Rule and How Can I Use It?

    What is the Augusta Rule?  RS Section 280A(g), better known as the “Augusta Rule”, is a special rule in the tax code that allows for the rental of a primary residence for less than 15 days per year, the resulting income is deemed non-taxable. By utilizing this regulation in conjunction with a valid business expense,…

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    The Advantages of a Business Trust

    A trust is a legally recognized entity that is established when a grantor confers the right to hold title to property or assets to a trustee for the benefit of designated beneficiaries. Trusts are commonly utilized to safeguard assets for both individuals and businesses. In the case of business owners, trusts serve as a protective…

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  • Tax Tips for Business Owners

    As a busines owner you have many items on your plate and can easily lose track of an approaching deadline or data that you need to submit with your form. Organization is KEY when preparing for the dreaded tax deadline. We have multiple ways to keep you on track this tax season.       1.…

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  • The Basics of Maximizing Your Tax Savings

    It is crucial to plan for taxes as a part of business and personal financial management. It involves making strategic decisions and taking advantage of available opportunities to minimize tax liability while remaining compliant with tax laws. Investing in growth and achieving financial goals can be made easier with effective tax planning, which can lead…

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  • Estate

    Avoid Estate Tax

    A Tip on passing down your vacation home: Establish a Family Limited Partnership   Family Limited Partnerships are powerful estate planning tools that enable the smooth and tax-efficient transfer of business ownership from one generation to the next.   If you own a vacation home you want your children to own after you’re gone, you…

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  • Tax Refund


    REFUND STATUTE EXPIRING: DON’T MISS OUT!   If you have not filed your 2018 tax return and have a refund coming, time to claim that refund is running out!   The IRS estimates that more than 1.35 million taxpayers have not filed their 2018 tax returns with approximately $1.3 billion of unclaimed refunds available for…

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  • Accounting for Restaurants

    ACCOUNTING FOR RESTAURANTS   Operating a restaurant is a dream for many, but there is a lot more to it than meets the eye. There are far more restaurants that fail than succeed, and that’s frequently because entrepreneurs spend more time focusing the daily operations of the business rather than on the accounting and tax…

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