As the financial landscape evolves, staying informed about effective tax-saving strategies is crucial for individuals and businesses alike. Optimizing your tax liability can lead to substantial savings and contribute to overall financial well-being. In this article, we will explore some professional tax-saving strategies to consider for the upcoming year. 1. Take Advantage of Tax Credits:

​​​​​Financial statements are the lifeblood of any business, providing a snapshot of its financial health and performance. Yet, for many, these documents remain a cryptic puzzle filled with numbers, jargon, and graphs. Understanding financial statements is crucial for individuals, investors, business owners, and even students pursuing careers in finance.

In the dynamic world of entrepreneurship, managing business expenses is a crucial skill that can spell the difference between thriving and merely surviving. Every dollar saved is an investment in your company's growth and sustainability.

At its core, a cybercrime or attack is a breach of personal security and cyber safety. Hackers will gain access to confidential information, such as customers’ names, addresses, social insurance numbers, dates of births, and credit card information. That doesn’t mean a successful attack on your business is inevitable. However, there are some simple, cost-effective and fast-acting things you can do to protect your business from cyber attacks.

Tax Notices Received

The following is a blurb to possibly notify clients about the importance of Bookkeeping Services, and possibly, as a marketing tool for Book

Many Tax Preparers and Advisors, and Tax Return Reviewers at do not prepare a Balance Sheet as part of Schedule L on a partnership, regular C corporation or a subchapter S corporation return because it is not required with certain thresholds promulgated by the Internal Revenue Service. This is the case even when there is a Balance Sheet available to input into the income tax return.   The States of New Jersey and California, and possibly other states, require a Balance Sheet without any regard for the threshold limitations the Internal Revenue Service has.  

Real Estate property is classified in two categories: Residential and Non-Residential. Residential Property is depreciated over 27.50 years and non-Residential property is depreciated over 39 years. Both are depreciated on a straight-line basis and not on an accelerated basis.   There are two accelerated methods of expensing depreciation that the Internal Revenue Service provides – bonus depreciation and section 179 expensing. These accelerated depreciation methods are NOT available for real estate property operated as part of a trade or business.  

So, you want to start a business where you are in control to provide those engineering services that you have been offering to your employer

Regular C corporations can own subsidiaries, either wholly or partially.What about subchapter S corporations? Can a subchapter S corporation own a subsidiary?The answer is Yes. The subsidiary is known as a Qualified Subchapter S Corporation subsidiary, or a Qsub for short, after it obtains its own subchapter S corporation status.A Qualified Subchapter S Corporation subsidiary can be merged into its subchapter S corporation parent. The parent must own 100.00% of the qualified subchapter S corporation subsidiary.