PCS Blog

Tax Tips and More

Tips and tricks to help small businesses, investors, online businesses, and entrepreneurs. 

Can A Gift Be A Tax Deduction?

Can A Gift Be A Tax Deduction?

When running your business, oftentimes you will need to buy gifts for partners, prospective clients, or employees. The question becomes… can a gift be a tax Write Off? In general, gifts are not taxable. However, the IRS puts a cap on the amount of money a person can...

Home Office Deductions – Can You Take Them

Home Office Deductions – Can You Take Them

With a properly established business, the door of itemized business deductions opens, and many deductions may seem like they are applicable to you. With most of us now working from home, Home Office Deductions offer a variety of different deductions that...

Food & Entertainment Tax Deductions – What You Can Take

Food & Entertainment Tax Deductions – What You Can Take

A popular misconception among business owners is that you can deduct 100% of your business meals and entertainment. Contrary to popular belief this is not the case. The tax cuts and jobs act eliminated all deductions for entertainment costs. Simply put, taking a...

5 Tax Hacks To Help Your Small Business Save In 2020

5 Tax Hacks To Help Your Small Business Save In 2020

As a small business or investor, every penny counts. Making sure that you are capitalizing on writing off your expenses, and maximizing your deductions will help ensure that you’re keeping as much of your money in your pocket as possible.  Here are 5 tax hacks...

3 Great Business Deductions & What You Need To Be Aware Of

3 Great Business Deductions & What You Need To Be Aware Of

As 2020 comes to a close, it is important to have some knowledge of what you can and cannot deduct. Three main deduction categories often have grey lines that could use some clarification. Those categories are Home Office, Technology Purchases, and Travel. While you...

Importance Of An Estate Plan

Importance Of An Estate Plan

Many people think that creating an estate plan is only for the wealthy, but the truth is anyone with a home, and a family should have a comprehensive Estate Plan established. Creating an Estate Plan is a crucial part of protecting what you have worked so hard to...

5 Ways To Separate Your Personal And Business Finances

5 Ways To Separate Your Personal And Business Finances

Starting a business is an exciting and scary time for many. As an Entrepreneur, it is vital to separate your personal finances from your business. Many business owners make the mistake of not keeping personal and business funds separate. This mistake will harm...

Health Savings Account (HSA). & It’s Tax Benefits

Health Savings Account (HSA). & It’s Tax Benefits

Contributing to an HSA Could Save You Thousands In Taxes This Year What is an HSA An HSA is a government-regulated savings account that allows you to set aside income to cover health care costs that aren’t paid by your insurance. Health savings accounts are only...

Bill Of Rights As A Tax Payer

Bill Of Rights As A Tax Payer

Similar to the Bill of Rights we have as U.S. Citizens, we have a separate Bill of Rights as Taxpayers.  Knowing your rights as a taxpayer can play a crucial role in any interaction with the IRS. Here are your rights as a taxpayer and how they can help you. ...

5 Tips For Small Businesses To Avoid Being Audited

5 Tips For Small Businesses To Avoid Being Audited

No one wants to be audited. Make sure you are taking the necessary steps. If you have been through an audit, whether on personal or business, you know that it can be incredibly stressful and time-consuming. As small business owners, we all know that time is limited...

Things To Think About When Selecting A Tax Specialist For Business Taxes

Things To Think About When Selecting A Tax Specialist For Business Taxes

How Do You Select A CPA? Let’s face it, there are thousands of CPA’s and tax firms out there that claim they are the best fit for your taxes, but the fact is, not everyone is qualified and understands your specific business and personal needs. There have been many tax...

Tax Reform & What It Means For Small Businesses

Tax Reform & What It Means For Small Businesses

The Tax Reform Changed In 2017 and will be in effect until at least 2025 The Tax Reform –   The Tax Cuts and Jobs Act, enacted in December 2017, affects nearly every business and individual in 2018 and the years ahead. As a small business or...

Funding Options For Small Businesses

Funding Options For Small Businesses

Fund Your Business The Right Way. Securing capital is often the first step for new or growing businesses. Funding can be obtained from a variety of sources, and business owners must weigh their options carefully to make the best decision. Investors – Business can...

Sole Proprietorships, Implications, and The Solution

Sole Proprietorships, Implications, and The Solution

Sole Proprietorship If you’re in business for yourself, and you haven’t created a formal business structure, then chances are, you’re already a Sole Proprietor – so make sure you understand the implications! * Liability – Sole Proprietors are personally liable for the...

The Importance Of Business Credit

The Importance Of Business Credit

Build Your Business Credit Profile To Set Up Long Term Funding Many small business owners use personal credit to run their businesses. However, doing so could put you at risk if your business is in trouble. Plus, many creditors today are moving away from relying on...

Limiting Personal Liability In A Business

Limiting Personal Liability In A Business

Reasons to limit personal liability in your business  Legal Liability   A lot of small business owners don’t realize how risky it is to run their own company. Even if you don’t operate in an industry with a lot of risk (such as real estate, or...

Alternative Sources For Business Credit

Alternative Sources For Business Credit

Conventional bank loans, personal savings, and venture capital are not the only sources of capital for businesses. Here are four other sources of credit for businesses: – Small Business Association  7(a) loans. The federal government sponsors this program....

The Suspension Of Section 212 & What It Means For Investors

The Suspension Of Section 212 & What It Means For Investors

In December of 2017, President Trump signed the Tax Cuts and Jobs Act. This was a huge piece of legislation that affects a lot of areas. It includes new tax brackets, increased standard deduction and elimination of personal exemptions, and much more. But what does...

3 Main Benefits Of Having A Business Entity

3 Main Benefits Of Having A Business Entity

Starting a business comes with countless decisions you hope to get right. There is one decision that is a no brainer… Forming the appropriate entity as the foundation. While entities open the door to several benefits, today we’ll explore three that no business owner...

Business Credit & How To Set Up A Profile

Business Credit & How To Set Up A Profile

Many small business owners do not know they can establish and build a credit score for their entity. Business credit is the measure of a business’ financial responsibility and track record of how a business meets it’s financial obligations. It can also be used as an...

LLC’s Vs. Sole Proprietorships

LLC’s Vs. Sole Proprietorships

Limited liability companies (LLCs) and sole proprietorships are some of the most common types of businesses, and each offers unique advantages. Both are what are called pass-through entities, meaning that profits and losses flow through to one’s individual tax return....

Understanding Capital Gains Tax

Understanding Capital Gains Tax

Capital gains are the profits from the sale of an asset which could be shares of stock, a piece of land, a business. How long you have had the asset before selling will dictate how and how much you will be taxed on your profits. In 2020 the capital gains tax...