Staying ahead of your tax obligations and minimizing surprises is crucial for any business owner. One effective strategy to achieve this is by making quarterly tax payments. This proactive approach not only ensures compliance with IRS regulations but also helps you manage your cash flow and minimize your overall tax Read more…
At Goodman CPA, we know that tax advisory can be complex and sometimes overwhelming. That’s why we’re here to address your most pressing questions and help you understand how tax advisory services can benefit your business. What is Tax Advisory? Tax advisory involves providing expert advice on tax strategies, planning, Read more…
Generating tax-free income is a dream for many business owners, and the Augusta Strategy offers a unique opportunity to achieve this by renting your residence to your business. Named after the Masters Golf Tournament held in Augusta, Georgia, this strategy can provide substantial tax benefits when implemented correctly. Here’s how Read more…
As a professional, you have the opportunity to save significantly on taxes through the home gain exclusion when selling your primary residence. This strategy allows you to exclude a large portion of the gains from the sale of your home from your taxable income, providing substantial financial benefits. Let’s explore Read more…
For real estate investors, the 1031 exchange is a powerful tool to defer capital gains taxes and boost portfolio growth. This strategy allows you to reinvest the proceeds from a property sale into a like-kind property, effectively deferring the taxes that would otherwise be due on the sale. Here’s how Read more…
Improving cash flow and saving on taxes is a priority for any business. One effective strategy to achieve these goals is through accountable plan reimbursements. Let’s explore how this approach benefits your business and provides significant tax advantages. Key Benefits of Accountable Plan Reimbursements Tax-Free Reimbursements: Accountable plans allow you Read more…
Rewarding your employees not only boosts morale but can also provide significant tax savings for your business. By optimizing achievement awards and bonuses, you can show appreciation for your team while maximizing your tax benefits. Here’s how you can make the most of these opportunities. Key Strategies for Tax-Efficient Employee Read more…
Hiring family members in your business can provide substantial tax benefits. This strategy not only helps reduce your taxable income but also allows your family to gain valuable work experience. Let’s explore how employing your children or other family members can lead to significant savings for your business. Key Advantages Read more…
At Goodman CPA, we understand the importance of maximizing your tax savings so you can reinvest in your business and fulfill your God-given purpose. One of the most effective strategies we recommend to our clients is the home office deduction. This blog will guide you through the benefits, qualifications, and Read more…
Welcome to the Goodman CPA blog! We are excited to share valuable insights and strategies designed to help you maximize your tax savings and achieve your financial goals. At Goodman CPA, our mission is to financially empower business owners like you to fulfill your God-given purpose by putting you in Read more…