There are two ways personal expenses show up in business records. The first is straightforward: disguising personal costs as business deductions. Claiming household groceries or home furniture as business expenses—and then deducting them—is considered fraud. It’s illegal and can carry serious consequences. The second is more common—and less obviously wrong. A business owner uses company […]

The One Big Beautiful Bill Act (OBBBA), signed July 4, 2025, made several tax changes for small businesses. One of the most significant is immediate expensing — the ability to deduct the full cost of a purchase or investment in the same year it’s made, rather than spreading the deduction over many years. Immediate expensing […]

A solid, evidence-based investment strategy is one of the best ways to put the odds of long-term investment success on your side. But how can you improve those odds even further? One important way is through tax-efficient investing. By making investment decisions with taxes in mind, you can improve your after-tax results—which matter far more […]

If you have noticed tax preparation fees going up, you are not alone. According to the National Association of Tax Professionals' most recent bi-annual Tax Professional Fee Survey, prices for new clients increased by an average of 25%, while fees for existing clients rose by 22.7% between 2021 and 2023.

As the year-end approaches, business owners often hear a common refrain: “Buy something to reduce your taxes!” On the surface, it may sound logical. After all, purchasing new equipment or vehicles can generate deductions that lower your taxable income.

At Schanel & Associates, PA, we understand that efficient bookkeeping not only saves you time but also keeps your costs down. To help you make the most of your monthly write-up and bookkeeping services through QuickBooks Online (QBO), here are some practical tips.

In this article, we will explore five essential tax concepts that serve as a foundation for effective tax planning. While incorporating these concepts into planning can require considerable time, effort, and complex calculations, the benefits are often substantial. We view this work as essential to what we do and an important way to serve our clients' best interests.

Making the switch from employee to business owner requires some getting used to. One of those adjustments is understanding the difference between the income reported on a K-1 and the amount of cash distributions received. Let’s look at some of the reasons why this happens. Taxable income is not always the same as cashflow When […]

What is an Enrolled Agent? Although no formal credentials are required to work as a tax preparer in the U.S., hiring one with a professional license protects your interests. Besides the obvious choice of hiring a CPA, an Enrolled Agent, or EA, is another option. Enrolled Agents are licensed at the federal level by the […]

On Friday, December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law.  The broad intent of the legislation is to make it easier for families to save more for retirement, but it also includes several unfavorable provisions intended to offset the loss of tax revenue likely to result from […]