Many business owners wait until November or December to think about taxes. By then, many of the best planning opportunities have already passed. The middle of the year gives you something you won’t have later, time. With six months of financial results behind you, you can evaluate your performance, adjust your strategy, and make decisions
Author Archives: Whittaker
22
Jun
Jun
Many business owners think filing a tax extension means they have more time to pay their taxes. It doesn’t. A tax extension gives you more time to file your return, but not more time to pay the taxes you owe. Understanding that difference can save you from unnecessary penalties and help you make better financial
17
Jun
Jun
Many business owners think tax planning happens once a year. It doesn’t. The best tax strategies happen long before your return is filed. By the time tax season arrives, most opportunities to reduce your tax bill have already passed. That’s why successful business owners treat tax planning as a year-round process, not a once-a-year event.
10
Jun
Jun
California business owners face some of the highest state income taxes in the country. While many taxes are unavoidable, one strategy can help eligible businesses reduce their overall federal tax liability. It’s called the California Pass Through Entity (PTE) election. For many S corporations, partnerships, and LLCs taxed as pass through entities, this election can
27
May
May
If you’re a business owner, you’ve probably asked yourself this question at some point. How should I pay myself? The answer depends on your business structure, profitability, and long term tax strategy. Many business owners assume they can simply transfer money from their business account whenever they need it. While you can take money out
13
May
May
The Qualified Business Income deduction remains one of the most valuable tax benefits available to business owners in 2026. However, many companies still fail to maximize it. The deduction comes with income thresholds, wage limitations, and planning requirements that directly impact how much business owners can deduct. Without proper planning, the deduction may shrink or
06
May
May
Many business owners assume once a tax return is filed, the opportunity to reduce taxes disappears. That is not always true. In many cases, businesses overpay taxes because deductions were missed, income was reported incorrectly, or planning opportunities were never identified. An amended tax return can correct those issues and potentially recover substantial savings. Here
15
Apr
Apr
Many business owners ask the same question each year. Why do I have to make estimated tax payments? The answer is simple. The IRS requires you to pay taxes as you earn income, not just at year end. If you own a pass through business or receive income without withholding, estimated tax payments help you
08
Apr
Apr
Many business owners do not realize they made a costly mistake until it is too late. They elected into the Pass Through Entity tax strategy, but they missed the timing. The result, no deduction for the current year. The PTE election can create significant tax savings, especially for California business owners. However, the strategy only
25
Mar
Mar
Many business owners ask the same question. How much money can I take out of my business? The real concern is not the amount. The concern is how that amount impacts your taxes. Taking money out of your business without a plan can lead to higher taxes, penalties, or missed opportunities. With the right strategy,