The small business owners’ simple guide to finances.
Feeling overwhelmed by your business’s finances? You’re not alone. The world of numbers, spreadsheets, and financial jargon can be intimidating, but it doesn’t have to be. We created the Know Your Worth course to give you the simple, clear guidance you need to take control of your business’s financial future.
We’ve made this course completely free because we believe every small business owner deserves a solid financial foundation. Our simple guide to finances will walk you through everything you need to know, in a way that’s easy to understand and even easier to apply.
Confused about whether to take the standard deduction or itemize? Learn the latest deduction amounts for 2024 & 2025 and get a CPA's guide to choosing the best option for your tax bill. Find out which deduction saves you more!
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Many people assume that the Earned Income Tax Credit (EITC) only applies to traditional employees with W-2 wages, but that’s not true. In today’s post, I’ll explain how small business owners, freelancers, and the self-employed can qualify for this credit. I’ll also share a tax strategy that can help small business owners maximize their EITC [...]
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As a CPA who works closely with small business owners, I understand that cash flow isn’t always predictable. You might have a great quarter followed by a slow one, or an unexpected expense might throw off your savings. When my clients find themselves in these types of situations, they do what they do best: [...]
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Quick reference — standard deduction (2025 & 2026)Standard deduction — increased and made permanent under §70102 of the One Big Beautiful Bill Act (P.L. 119-21, 2025), which amended §63(c)(7) so the temporary TCJA-era amounts continue indefinitely with annual inflation adjustments.Filing status2025 (return filed in 2026)2026 (current calendar year)Single / MFS$15,000$15,750Married filing jointly / QSS$30,000$31,500Head of [...]
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Quick reference — long-term capital gains rate brackets (2025 & 2026)Long-term capital gains rates — 0%, 15%, or 20% depending on taxable income. Income at or below the "0% rate max" pays nothing on long-term gains; income above the "15% rate max" pays 20%. (NIIT and state taxes may apply on top.)Filing status2025 — 0% [...]
Quick reference — Section 179 & bonus depreciation (2025 & 2026)Section 179 expensing & bonus depreciation — 2025 and 2026: 20252026§179 max deduction$2,500,000$2,560,000§179 phase-out begins at investment of$4,000,000$4,090,000Bonus depreciation rate (§168(k))100%100%§179 expensing limits were increased by §70306 of the One Big Beautiful Bill Act (P.L. 119-21, 2025) — the new caps apply to property placed in [...]
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Comprehensive guide to completing your Schedule C, including expense and income reporting.
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Navigating taxes after divorce? Learn how divorce impacts tax filing status, child dependency claims, alimony, asset division, and home sales. Avoid costly mistakes with expert CPA insights.
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Unlock the secrets of Modified Adjusted Gross Income (MAGI)! Learn how this crucial tax term impacts small business owners' eligibility for tax credits, deductions, and retirement contributions. Discover MAGI calculation methods and strategies to reduce your MAGI for maximum tax savings.
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Learn the top 20 tax terms every small business owner should know—from deductions and credits to S-Corps and Schedule C. Written by a CPA for creative entrepreneurs, this guide simplifies key tax concepts to help you run a financially confident business.
