Tax Advantages of a Section 1031 Exchange

February 8, 2023
Key in the door, Section 1031 exchange concept

It’s no secret that Section 1031 exchanges offer a great wealth-building solution for real estate investors. It allows you to make a like-kind exchange of properties with tax-deferred advantages. Tax Advantages of 1031 Exchanges You will be able to avoid… Read Now >>

Are Airbnb Owners Subject to the Self-Employment Tax?

February 1, 2023
Vacation home bedroom, self-employment tax Airbnb concept

If you earn rental income from an Airbnb or other type of short-term rental service, you may be subject to self-employment taxes. The extent of your tax liabilities may depend on your legal business structure and how much you earned… Read Now >>

Business Profitability: Should You Put Profit Before Growth?

January 25, 2023

Many business owners are focused on the importance of growth. They want to increase sales, have more employees and bring in more overall revenue. This sounds like a great idea. Unfortunately, business growth sometimes comes at the expense of profitability.… Read Now >>

Business Profitability: Advantages and Disadvantages of the Profit First Method

January 18, 2023
Business puzzle concept - representing advantages and disadvantages of Profit First method

Many entrepreneurs have adopted the Profit First method in recent years. This approach developed by Mike Michalowicz has been of the hottest trends in business accounting. Be sure to read our first two articles in this series for more insight… Read Now >>

Business Profitability: Profit First Accounting Tips

January 11, 2023
Profit First cash flow allocation concept

Last week, we discussed the basics of Mike Michalowicz’s Profit First method. It is a way to rethink how you manage business income and expenses. When done right, it can help you ensure a certain amount of profitability and better… Read Now >>

Business Profitability: Applying the Profit First Method

January 6, 2023
Business Owner taking coins from cash register - Profit First method representation

Obviously, the goal of any business owner in 2023 is to make more profit. It’s one thing to have that overall goal. It’s another to actually achieve it. Nobody ever said running a business was easy, let alone reaching your… Read Now >>

Happy New Year from Illumination Wealth!

December 28, 2022
Happy New Year from Illumination Wealth

We hope everyone is having a wonderful holiday season and is ready to bring in the New Year this weekend. It’s amazing to believe 2023 is already here, but we can’t wait for everything it has in store. Thank You… Read Now >>

Year-End Tax Planning: Family Tax Strategies

December 21, 2022
Family silhouette, family tax planning strategies concept

Are you planning to get married or divorced soon? Do you give money to family or friends? Do you pay your children to work for your business? If you answered “yes” to any or all of these questions, you will… Read Now >>

Year-End Tax Planning: Small Business Medical Plans

December 14, 2022
Stethoscope, representing small business medical plans

If you are a small business owner with 49 employees or fewer, you should have a medical plan for your business. The tax law does not require you to provide healthcare coverage, but you should consider setting up an insurance… Read Now >>

Year-End Tax Planning: New Business Vehicle Tax Deductions

December 7, 2022
Semi truck and trailer - representing business vehicle tax deductions

If you are in need of a new business vehicle and you are looking to reduce your 2022 business tax liabilities, it’s not too late to take action. You should purchase your business vehicle and put it into service before… Read Now >>