Latest news with #taxstrategies
Forbes
2 days ago
- Business
- Forbes
Eight Must-Have Items On Your Small-Business Tax Checklist
Vlad Rusz is a CPA at Centaur Digital Corp , helping busy business owners efficiently manage their accounting systems. getty Prudent small-business owners hire professional tax and accounting help to ensure accuracy. Unfortunately, even with professional help, a gap in information sharing can still exist between the two parties. A good accountant can bridge this gap and tease out relevant information from the business owner to ensure they are taking advantage of available tax strategies. Don't be put off by an intrusive accountant—they are probably trying to maximize your tax savings. On the other hand, some small-business owners may only have an annual relationship with their accountant or tax professional, or even opt to prepare their taxes themselves. If you fall into this category, maximize your tax savings with the help of this small-business tax checklist. For many small businesses, filing taxes doesn't require a balance sheet. This document, however, is necessary to ensure correct bookkeeping. Reviewing the balance sheet is the first step to ensure that the figures are accurate and make sense. It's also the report that ties directly into data from bank, credit card and loan statements, so it should be a simple process to verify the balances. Incorrect balances on the balance sheet are a clear indication of errors in bookkeeping elsewhere. Unlike large businesses, small-business owners typically have a good sense of their income and expenses, often without relying on formal bookkeeping. Thus, it's always a good idea to review the profit and loss (P&L) statement to ensure that the numbers are accurate and make sense. If your business typically nets you about $6,000 per month but your year-end P&L shows $1,000,000, you know that somewhere there was a mistake. 3. Cash Flow Review Non-cash income and deductions can skew P&L statements, which can result in taxable income differing from the take-home income. This is especially true in a small business, where the owner's salary may not appear on the P&L. In contrast, the statement of cash flow only tracks cash and should outline what money came into and went out of the company. This is also where the owner can verify that the money they received from the business is accurate. 4. Tax Structure Analysis The tax structure of a business typically doesn't change. Small-business owners should analyze their business tax structure every five years, at a minimum, to ensure they're utilizing the most favorable structure for their needs. Many small businesses that operate from someone's primary residence can qualify for this simple deduction, so long as there is a dedicated space for business use. There are two methods of calculating the deduction: the actual cost method and the standard rate method. Be sure to use the one most favorable to you. 6. Business Vehicle Deduction If you use your personal vehicle for business purposes, track your mileage and take the tax deduction. Similar to the home office deduction, there are two methods: the actual costs method and the standard mileage rate method. The standard mileage rate is easier to use and can even result in a larger deduction over time. 7. Health Insurance Deduction Your health insurance can be deductible if you own a business. There are nuances based on tax structure, however. Consult with a tax professional to ensure you are correctly processing these payments so you can deduct them at the end of the year. 8. Section 179 Or Bonus Depreciation When you make a large asset purchase for your business, you have a few options on how to depreciate those assets. The analysis of which option is best will depend not just on your current-year income but also on your projected future income. Consider all the data before simply writing off everything up front. While there may be other important tasks on your small-business tax checklist, the eight items above can fill in the gaps to help you reduce mistakes and ensure you don't miss out on potential tax savings. With this checklist as a strong starting point, work alongside a competent tax professional to help minimize your taxes. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Yahoo
29-05-2025
- Business
- Yahoo
BORISMTAX Announces Expansion into 35+ States, Providing Strategic Tax Planning Services for Entrepreneurs
BORISMTAX expands its tax planning services, helping entrepreneurs across 35+ states reduce their tax burden with year-round proactive strategies. New York, New York--(Newsfile Corp. - May 29, 2025) - BORISMTAX, Inc., a leading tax advisory and planning firm, is proud to announce its continued expansion, providing expert tax strategy services to entrepreneurs and business owners in over 35 states. The firm, founded by Boris Musheyev, CPA, specializes in proactive tax planning designed to help businesses minimize their tax liabilities and optimize their financial health. BORISMTAX Announces Expansion into 35+ States, Providing Strategic Tax Planning Services for Entrepreneurs To view an enhanced version of this graphic, please visit: Expanding Reach to Support More Entrepreneurs Nationwide As part of its mission to provide continuous tax planning support, BORISMTAX is now serving entrepreneurs in more than 35 states, offering tailored solutions that go beyond traditional tax preparation. This expansion allows the firm to further its goal of ensuring business owners understand the tax-saving opportunities available to them year-round."We're excited to extend our services to a broader range of entrepreneurs across the country," said Boris Musheyev, CPA, Founder of BORISMTAX. "Our personalized approach to tax strategy means business owners aren't just getting their taxes filed-they're getting the guidance they need to make informed decisions that minimize their tax burdens and help them reinvest in their businesses." A Proactive Approach to Tax Planning Unlike many accounting firms that focus solely on tax season, BORISMTAX provides year-round tax strategy consultations, ensuring that clients are continually optimizing their tax positions. By working closely with business owners to understand their unique needs and challenges, the firm helps them leverage the tax code effectively."Many business owners unknowingly overpay on taxes simply because they aren't utilizing all the strategies available to them," Boris explained. "Our goal is to be a long-term partner for our clients, ensuring they consistently save on taxes while staying compliant with IRS regulations." Award Recognition for Excellence in Tax Planning In recognition of its outstanding commitment to tax planning and client success, BORISMTAX has recently received an industry award for excellence in proactive tax strategy. The award highlights the firm's dedication to providing personalized, effective tax-saving solutions for entrepreneurs and businesses, helping them optimize their financial outcomes."We're honored to receive this award, which reflects the hard work and dedication of our team," Boris said. "This recognition fuels our passion to continue offering the best possible service to our clients and expand our reach to even more business owners." Proven Success and Continued Growth Since its inception, BORISMTAX has been recognized for its commitment to proactive tax planning. The firm's impressive growth has made it one of the leading tax advisory firms in the country, and it continues to expand its reach as more business owners turn to BORISMTAX for expert guidance."We are proud to help business owners take control of their tax situation," Boris added. "Our clients don't just file their taxes-they make informed decisions year-round that optimize their financial future." About BORISMTAX, Inc. Founded by Boris Musheyev, CPA, BORISMTAX, Inc. is a tax advisory and planning firm based in New York City. The firm specializes in providing proactive tax strategies and advice to entrepreneurs and business owners in over 35 states. By focusing on personalized tax plans, BORISMTAX helps clients reduce their tax burdens and understand how to best leverage the tax code to retain more of their earnings. The company is recognized for its commitment to education and client service, offering a tailored approach that ensures clients can successfully navigate the complexities of tax laws. Media Contact Boris Musheyev, CPABORISMTAX, Inc. Email: Phone: (212) 430-6881 Schedule a Tax Strategy Session: Website: YouTube: BORISMTAX YouTube Google Reviews To view the source version of this press release, please visit Sign in to access your portfolio
