New Beneficial Ownership Reporting and How it Affects Small Businesses
Beneficial Ownership Reporting (BOI), What it is and How it Affects You as a Small Business Owner. Many small business owners may feel overwhelmed at the thought of yet another reporting requirement. However, BOI, or beneficial ownership reporting – the process of providing the government with information about who owns a business – is an […]
Tax Tip: Maximize Deductions by Prepaying Expenses with IRS Safe Harbor
Cash-basis taxpayers can benefit from the IRS’s safe-harbor rule, which allows you to prepay and deduct qualifying business expenses up to 12 months in advance. By following this guideline, you could secure a deduction for prepayments made this year, while your landlord or other service provider reports the income in the following year. For example, […]