Archives
Are Airbnb Owners Subject to the Self-Employment Tax?
February 1, 2023
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
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
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
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
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
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
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
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 >>
Year-End Tax Planning: 6 Tax-Reduction Tips for Business Owners
November 23, 2022
As a business owner, you should implement tax-reduction strategies that decrease your tax liabilities and maybe even net you a return. Either way, you are saving cash and increasing your potential profitability from year to year. As 2022 comes to… Read Now >>
