• New Tax Brackets

    What does the new 2023-2024 Tax Bracket mean?

    For the years 2023 and 2024, there are seven federal income tax rates ranging from 10% to 37%. Your filing status and taxable income determine the tax brackets and rates that apply to you. These adjustments ensure that the increasing cost of living does not force taxpayers into a higher tax bracket. Furthermore, these adjustments…

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  • Tax Tips for Business Success

    7 Biggest Tips For Lowering Business Tax

    As a proprietor of a small enterprise, it is common to assume various roles and responsibilities. Your primary focus is likely on efficiently managing the operations of your business rather than prioritizing tax optimization. Nevertheless, there exist several viable avenues for reducing your tax liability through widely recognized tax deductions specifically designed for small businesses.…

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  • Profit Wise Accounting Closing Cost & Tax Deductions

    Closing Cost and Tax Deductions

    What are Tax Deductions? Tax deductions refer to the expenses that can be claimed on an individual’s federal tax return to decrease their taxable income. By availing these deductions, the amount of taxes payable in a particular year can be reduced. Taxpayers have the option to either itemize their taxes by calculating their individual deductions…

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  • 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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