Tag Archives: Taxes

Why am I still paying penalties even though I filed an extension?

Income Tax Penalties

Filing your taxes on time is important, but it’s not always easy. If you’re a creative business owner, you may have a lot of different income sources and deductions to keep track of. It’s no wonder that many creative business owners end up filing extensions and/or paying tax penalties. In this blog post, we’ll review […]

So I filed a tax extension with Revel, What’s Next?

Tax extensions

Tax Deadlines are quickly approaching, are you ready? Filing a tax extension back in March or April was certainly a move that bought you a little more time to gather your tax docs together. But as the weeks and months of summer tick by, we’re finding the extension deadlines rapidly approaching on the horizon, which […]

We have a “no BS” attitude when it comes to your taxes. Here’s why. 

Taxes done right

Let’s get straight to it. A sketchy CPA who “finds all the loopholes” is the last thing you want. When it comes to creative business owners, people often think their CPA will get creative with their tax return too. Well, we just can’t do that. We have a “no BS” attitude when it comes to […]

How can I save on tax with charitable donation bunching?

charitable donations

The IRS has two approaches to general income tax deductions: the standard deduction or itemized deductions. The standard deduction is a set amount deducted from your income before you’re taxed. It’s sort of the ‘hassle-free’ option when it comes to your return. Since the Tax Cuts and Jobs Act (TCJA) of 2017 increased the standard […]

Why you should start your year-end tax planning now

year end tax planning for creative business

So, let’s kick off this blog with some bad news. There are very few changes you can make after year-end to positively impact your tax situation. Why? Because many deductions and tax planning strategies have to be implemented during the tax year (or at least by December 31). The best time to get things in […]

Hey, why do I have a penalty if I filed an extension?

tax penalty, file extension

Have you ever filed an extension for your tax return but still received a penalty from the IRS? Well, you’re certainly not the first to assume that filing an extension prevented a penalty. It’s particularly frustrating if you thought you were playing by the administrative rules. Being on top of your admin and your finances […]

Why a mid-year tax check in is a ‘must have’ for your business.

Basing your tax return on government estimates can cost you in more ways than one Being a business owner is an incredible achievement. Whether you’re a freelancer,  self-employed or have a team of employees—serious kudos for making your skills pay. We’re willing to bet that if you’ve made a business out of it, then you […]

How can I manage expenses for my creative business?

You started your creative business because you were following your passion. Surprisingly enough, that passion wasn’t expense management. But, in order to build a long-term, sustainable career doing what you love, good accounting is vital. Here are our top three tips for managing expenses so you can stay compliant and stay profitable as you grow […]

How do I choose the best structure for my creative business?

Choosing your business structure is a hugely important step in your entrepreneurial journey. Whether you’re an LLC or Sole Proprietor, C-Corps or Partnerships, your business structure will impact how you pay your taxes, distribute your profits, and even your day-to-day operations! So how can you be sure you pick the right one? Here are some […]