5 Tax-Cutting Strategies to Implement in Before the Year-End

With just 2 weeks left in 2020, now is the time to act if you want to save on your taxes.  If you’re like most agency owners, you’re not making the best decisions for your business taxes: You’re not optimizing owner pay You’re set up in the wrong entity structure You’re leaving deductions on the floor Or worse, you don’t have a tax plan at all. You’re trusting your CPA…  Read more

Coronavirus Response Act and how it impacts you

This week the Coronavirus Response Act will be signed into legislation. Establishing paid leave for employees and offsetting tax credits to employers. What it does Employers will be required to pay their employees affected by the coronavirus. Either through illness or quarantine related measures. The government will be offsetting this cost through payroll tax credit or refund. The Details Employees of companies with less than 500 employees can take up…  Read more

Are You Habit Stacking Your Tax Payments?

Taxes are a pain, but there’s no way to avoid them, right? We try all the time to research every possible deduction and get all the wonderful benefits of being a business owner, but at the end of every year, we’re still stuck paying an arm and a leg, sometimes with penalties and interest as well.  What can we do to get ourselves out of this vicious cycle? One great…  Read more

Is your Agency Leveraging the QBI Deduction?

If you operate your agency as a pass-through entity, (proprietorship, partnership, or S-corporation), the profits of that business can generate you a big Section 199A tax deduction. Agency – No-Problem Businesses You qualify for the Section 199A deduction, regardless of pass-through business type—when you have Pass-through qualified business income (QBI), and  2019 Form 1040 taxable income equal to or less than $160,700 (single / head of household) or $321,400 (married,…  Read more

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