Are you considering changing your LLC or C-corporation from the entity’s default tax treatment to an S-corporation election? Now is a great time to get educated about the pitfalls to avoid when making that transition. Our TFG tax professionals would like to point out the most common mistakes entrepreneurs make when switching to S-corp tax
Major Business Tax Incentives From OBBBA
Make sure your business gets a head start taking advantage of the tax incentives included in last year’s One Big Beautiful Bill Act. Among the major changes for businesses, the OBBBA renews and makes permanent these tax breaks: 100% bonus depreciation, Immediate expensing of domestic R&D costs without a 5 year amortization requirement, Business interest
Essential Mid-Year Tax Planning for Business Owners
A mid-year tax review is all about proactive planning to optimize your tax situation and identify potential savings. With significant tax provisions potentially changing at the end of 2025, reviewing your business’s financials and tax position now is more important than ever. It gives you time to make necessary adjustments, implement strategies to maximize tax
Spring Cleaning Applies to Your Finances Too!
Spending the time to declutter and organize your finances this spring can help to set you up for financial success for the rest of the year. Gathering and pruning financial documents, tidying up your budget and polishing your portfolio will go a long way to cleaning up the clutter in your financial life. Here are
Top Ten Payroll Mistakes That Will Cost You
Companies often don’t want the risk and overhead of maintaining payroll and HR staff, but are nervous about how to stay compliant. Payroll management is a critical function for businesses of all shapes, sizes, and industries, and it is essential to ensure employees are paid both correctly and on time. Managing payroll doesn’t have to
Tax Advantaged Special Occasion Giving
Spring has sprung and brought with it anniversaries, graduations, weddings, spring birthdays and seasonal holidays, all of which require a gift of sorts, and often times these gifts are monetary. When you make a substantial gift to anyone of cash or property, the IRS takes notice. But the good news is, gifts are excluded from
Deduction for Medical Expenses
If you have had any medical expenses this year, there may be some relief for you! A deduction exists for medical expenses, and it is often one that taxpayers forget about. Although you will need to itemize on Schedule A to take advantage of this deduction, medical expenses exceeding 7.5% of your AGI (adjusted gross
Schedule K-1 for Partnerships
If you are a partner or shareholder of a firm, you may know that you have to fill out a tax document to report your income, losses, capital gains, dividends, and more for the tax year. This document is the Schedule K-1, and it allows a partner’s earnings to be taxed at an individual rate
For the Self-Employed, Expenses Could Translate into Tax Breaks!
Self-employed folks have expenses they incur yearly in order to do business, so it is important for them to review what can be deducted each year to make their business as profitable as possible. Expenses like a home office, car, health insurance, and even startup costs can get you a big tax break. Did you
Pro-Active Tax Planning and Compliance for Small Businesses
Sure taxes are a cost of doing business, BUT if you are smart and savvy, you will not only save on taxes but also be able to grow your business with the profit you keep in your pocket. Pro-active tax planning along with efficient operations and market leadership will ensure a smooth path on the
