Author: taxsecretsblog

We’ve seen firsthand how optimizing your tax deductions can create real, measurable benefits for your business. With inflation driving up expenses and economic uncertainty still lingering, small business owners need every strategic advantage they can get. That includes knowing what deductions you’re entitled to and

Article Highlights: Who Qualifies as a Day Trader? Pros of Day Trading from a Tax Perspective Cons of Day Trading from a Tax Perspective Other Noteworthy Tax Considerations Day Trader Election Day trading, the practice of buying and selling financial instruments within the same trading

Ever feel like no matter how hard you try, your finances just aren’t working for you? You’re not alone. Many people—especially busy business owners—make the same costly mistakes when it comes to money. But what if you could flip the script and create a future

Major shifts in U.S. trade policy are underway—and they’re already impacting the cost of doing business. A new executive order released in April 2025 imposes a baseline 10% tariff on most imported goods, with higher rates possible depending on the country and product category. If your

Article Highlights: Understanding Penalties in the Tax Context General Rule: Penalties Are Not Deductible Business Expenses and Penalties Itemized Deductions and Penalties Exceptions and Considerations Planning and Compliance When managing finances, both individuals and businesses often seek ways to minimize their tax liabilities through deductions.

Article Highlights: Purpose of the Executive Order Phaseout of Paper Disbursements Exceptions and Accommodations Implementation and Compliance of Electronic Transactions Reporting Requirements for the Transition to Electronic Payments The transformation towards an entirely electronic payment system by the Federal Government represents a significant shift aimed

Spring isn’t just for closets. It’s for your business finances too. And just like you wouldn’t leave last year’s mismatched socks sitting in your drawer, you shouldn’t let old subscriptions, bloated expenses, or outdated processes keep piling up in your books. Because here’s the truth:

Article Highlights: Optional Mileage Method What the Optional Mileage Rate Includes Actual Expense Method Switching Between Methods Section 179 Deduction When Sec 179 Can Be Used Issues with Sec 179 and Early Disposal Special Sec 179 Allowance for SUVs Luxury Auto Rules Business Use of

Article Highlights: Receive Payments Over Time Understanding Installment Sales Variations of Installment Sales The Role of Collateral Realization of Ordinary and Capital Gains Income Pros and Cons from the Seller’s Perspective Pros and Cons from the Buyer’s Perspective Example of an Installment Sale Consider The

Cybersecurity is no longer just an IT issue—it's a business imperative. North American SMBs are grappling with a surge of cyberattacks, and the stakes have never been higher. According to a recent press release from Okta, many small and medium businesses are facing significant challenges