A few days ago, I had a conversation with a local marketing freelancer that illuminated the fact that many people are missing out on deductions/write-offs they can take. So figured it was time for a blog on this one!

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First off…

What’s a Write Off?

A write-off is an expense that a business can deduct from its taxable income, reducing the overall tax burden. This isn’t a dollar-for dollar reduction in taxes (that’s a credit). But it does reduce the your business’s income.

How do you get to that number?

Revenue (Total Sales)

(Less: Expenses → aka write-offs)*

= Taxable Income

Ordinary & Necessary

*These expenses must be ordinary and necessary for the business to qualify under IRS rules. What does that mean?

Is it ordinary for your industry?

Is it necessary to run your business?

Of course… there’s always grey areas, so that’s when it become quite important for you to document your stances. This is where keeping receipts comes in real handy.

For online business...

Hey there! I’m Katy Murray, an entrepreneur and Human Resources professional, and I’m incredibly passionate about both. I absolutely love how much these two areas overlap, and I’m always finding ways to pull tricks from one and apply them to the other. Whether you’re a one-person operation or managing a small team, I can’t stress enough how crucial it is to document your HR processes for long-term success.

When most people think of Human Resources (HR), they picture big companies with hundreds of employees and complex departments. But honestly, HR is just as vital for us small business owners. Whether you have one employee or ten, documenting your HR processes is key to staying compliant, protecting your business, and creating a healthy work culture. I’m excited to share some practical tips and easy steps to help you start documenting like a pro, no matter the size of your business!

Disclaimer: The information provided in this blog post is for general informational purposes only an...

The Dirty Secrets of the S-Corp Election

More & more, I see tax pro’s marketing the S-Corp election for massive tax savings but just like anything else, it’s important to do your homework before letting someone convince you that their way is the right way. It’s not a one-size fits all, and in this article I’m going to share some of the drawbacks (dirty secrets) about S-Corps plus what you can expect to pay for various services associated with electing S-Corp status.

First, though,

What’s an S-Corporation vs S-Corp Election?

An S-Corporation, or S-Corp, is a selected business structure, that one would choose at the time of forming their company. Choosing this structure allows pass-through taxation, meaning that profits and losses pass through to shareholders' personal tax returns, avoiding double taxation (i.e. the business being taxed AND you personally being taxed the income you pay yourself from the business).

On the other hand, the S-Corp election refers to the process of choos...