Starting a business is an exciting journey, but it comes with its challenges. Here are some key areas to focus on to set yourself up for success...

Beginning January 1, 2024, businesses that file 10 or more information returns must e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. For those with fewer information returns, e-filing Form 8300 is still optional. To file electronically Form 8300, a business must set up an account with the Financial Crimes Enforcement Network's BSA E-Filing System. The IRS will ensure the privacy and security of all taxpayer data.

Tax Credits vs. Tax Deductions – The government can provide a tax deduction or a tax credit to incentivize specific activities. Tax deductions reduce income subject to tax, whereas tax credits reduce the amount of taxes owed. Which is more valuable? As with most tax answers, it depends on the situation.

What do printer ink, client lunches, and shipping costs all have in common? They're business expenses—the costs incurred while operating your business. And, as long as you run a for-profit company, you can deduct many of these expenses from your taxable income to help your business's finances at tax time.