litespeed-cache domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home2/thrsjbp0/staging.360globalbusinessllc.com/wp-includes/functions.php on line 6260Most small business owners imagine an IRS audit as a random event, a lottery they hope they never win. The reality is that audits are increasingly data-driven. The IRS receives third-party financial data, cross-references it with your return, and flags discrepancies automatically. Here is what the IRS already knows about your business, and what you […]
Most small business owners think about taxes in April. The business owners who consistently pay less think about taxes in October, November, and December, when they can still do something about it. Once the calendar year closes, your options narrow dramatically. Review Your Income and Projected Tax Liability Pull your year-to-date profit and loss statement. […]
One of the most expensive tax decisions a small business owner makes is the one they made at the beginning and then never revisited. Business entity structure directly determines how your business income is taxed. The entity type you chose when you filed your LLC may have made sense at $40,000 a year. At $150,000, […]
The home office deduction is one of the most misunderstood deductions in small business tax. Some business owners skip it out of fear. Others claim it incorrectly and create unnecessary audit exposure. The truth is straightforward once you understand the rules. The Two Requirements That Actually Matter Regular and exclusive use. The space must be […]
The IRS does not wait until April to collect what you owe. As a self-employed person or business owner, you are required to pay taxes four times a year. If you do not, you will pay penalties whether or not you file on time. This is one of the most common and most expensive surprises […]
Operating your business as an S-corporation comes with a significant tax advantage. Distributions to shareholders are not subject to self-employment tax. But the IRS has a rule designed to prevent business owners from taking advantage of it without limits. It is called the reasonable salary requirement. And it is one of the most frequently violated […]
After 27 years in federal taxation, I can tell you the most expensive tax mistake small business owners make has nothing to do with cheating the IRS.It is paying taxes on money you were never supposed to owe.The gap between what you legally owe and what most business owners actually pay is enormous — and […]
Florida is one of the most tax-advantaged states in the country for small business owners. No personal income tax. No inheritance tax. A corporate income tax rate that applies only under specific circumstances. For business owners who understand the rules, Florida provides a uniquely favorable environment. But favorable does not mean simple. Federal tax obligations […]
If you operate an S-Corporation and you pay business expenses from your personal pocket — mileage, home office, software subscriptions, continuing education, cell phone — there is a high probability that one of two things is happening: Either you are absorbing those business expenses personally without any reimbursement from the corporation, or your corporation is […]
If you own a business in Florida and you own your home, there is a provision in the Internal Revenue Code that most business owners have never heard of — and it may be one of the most straightforward tax strategies available to you right now. It is called the Augusta Rule. It is legal, […]