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 significant development in regulatory compliance is upon us that will impact millions of small businesses nationwide. The Corporate Transparency Act (CTA), effective as of January 1, 2024, mandates that businesses must submit details about their beneficial owners—that is, the people who own or have significant control over the company—to the Financial Crimes Enforcement Network […]

QuickBooks Desktop was a revolutionary product for small businesses, dating back to the 1990s. This product still inspires strong loyalty. However, its cloud-based alternative, QuickBooks Online (QBO), launched about a decade ago, has been gaining traction despite initially mixed reviews. Many users remain loyal to the desktop version, citing its more intuitive interface and perceived […]

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 […]

Owning your own business can provide opportunities to reduce taxes that you might not necessarily have as an employee, and the best place to start is to convert personal expenses that you would otherwise incur to legitimate business expenses. Below is a summary of some of the most common personal expenses that can be converted […]

For generations, people have had part-time businesses, and in today’s so-called gig economy, it’s even more common. But is your part-time business really a business, or is it a hobby? The IRS draws a firm line between the two and has separate rules for the tax treatment of hobbies and businesses. If it’s a legitimate business, […]