If you own a small business, you could be missing out on one of the most valuable tax deductions available. The Section 199A Qualified Business Income (QBI) deduction allows eligible owners of pass-through businesses to deduct up to 20% of their qualified business income from their taxable income. For many business owners, that can mean […]
Paying the IRS doesn’t have to be a source of tax-season anxiety. While the agency is known for complex forms and rigid deadlines, IRS Direct Pay offers a streamlined, no-cost way to settle your obligations directly from your bank account without even creating an account. Whether you are paying a balance due, an extension, or
Looking for a Stress-Free Way to Settle Your Tax Bill? Consider IRS Direct Pay Read More »
This tax season, like every year, will bring new and different complexities. You might wonder about new tax breaks and credits and how they can be rewarding, challenging, or both! Some of the best advice one can give you right away? Always file electronically. This is one of the best things to do to get
How Can I Make Filing My Taxes Easier? Read More »
In addition to the day-to-day hustle and operations, small business owners must contend with the convoluted web of IRS regulations and requirements to ensure compliance and good standing. Embedded within the web of IRS regulations are plenty of business credits and deductions that can benefit the small business owner, but they are not always clear-cut
5 Tax Tips Every Small Business Owner Should Know Read More »
From sole proprietorships and small businesses to mid-size companies and corporations, the history of entrepreneurship and a go-getter attitude has a long-running history in this country. And yet, at the heels of the pandemic, at the door of rising inflation, and in the midst of political upheaval across the globe, is it a good idea
Opening a Business in 2022: Tax Strategies & Tips For Rising Above the Challenges Read More »
America runs on the work ethic, innovation, and persistence of business owners and leaders who propel ideas forward. Running a business is hard work, and tax season adds a lot of tension as businesses must ensure accuracy and compliance with the complicated tax rules. For smaller businesses, in particular, the tax code can place a
What Are The Top 3 Tax Compliance Issues for Small Businesses? Read More »
Every business needs to keep track of its financial information—whether it’s profits, expenditures, wages, and other necessary data to maintain financial order. Good accounting tells a true story of your business’s financial state; it helps with understanding where you stand and helps projections for the future. Sovereign CPA works with small businesses across all industries.
Accounting Services for Service Industries and Restaurants in 2021 Read More »
At Sovereign, we pride ourselves on our world-class expertise and personal approach to financial services. If you’d like to work together on your business or simply have questions, contact us today!
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