Tax Implications of Starting a New Business: What You Should Know
The launch of a new business comes with excitement and opportunities, but it also brings a host of tax considerations that can be overwhelming for entrepreneurs. As you embark on your journey of becoming your own boss, it’s crucial to understand the tax implications that come with starting a business. In this blog post, we […]
Essential Tax Tips for Freelancers and Independent Contractors in South Carolina
As the freelance economy continues to grow, more individuals are embracing freelance and independent contractor work in South Carolina. While these flexible work arrangements offer numerous benefits, they also come with unique tax considerations. To help freelancers workers navigate their tax obligations effectively, Coastal Tax & Accounting has compiled a comprehensive list of essential tax […]
Ways to Save Money on Your Taxes in South Carolina
As a resident of South Carolina, there are many ways you can save money on your taxes. Coastal Tax and Accounting has compiled a list of five strategies that may help you reduce your tax burden: 1. SC Active Trade or Business Deduction If you own a business in South Carolina, you may be eligible […]
6 Tax Tips for Investors
As an investor, it is crucial to consider taxes when making investment decisions. By following some top tax tips, you can maximize your investment returns and minimize your tax burden. Here are some tips to keep in mind: 1. Contribute to an IRA An Individual Retirement Account (IRA) is a tax-advantaged savings account that can […]
The Benefits of Outsourcing Bookkeeping to Coastal Tax for Small Businesses
Small business owners have a lot on their plate, from managing daily operations to finding ways to grow their business. One crucial aspect of running a successful business is managing finances effectively. Bookkeeping, which involves tracking and organizing financial transactions, is a task that many small business owners struggle with. This is where outsourcing to […]
Stop Throwing Away Your Hard-Earned Money! Simple Strategies To Keep More Money In Your Pocket Come Tax Season
Are you tired of owing money to federal and state governments every April? Do you feel like you’re just throwing away your hard-earned money every year? Well, there are several ways you can reduce your tax liability and keep more of your money in your pocket. Retirement Contributions One of the easiest ways to reduce […]
Benefits of Outsourcing Your Bookkeeping Tasks
Running a small business can be an incredibly rewarding experience. However, managing your finances can be a difficult and time-consuming task, especially if you don’t have the right tools or expertise. That’s why outsourcing bookkeeping services can be such an invaluable resource for any small business owner. Here are six key benefits to consider when […]
Know What IRS Red Flags to Avoid with Incentives and Tax Credits
Tax credits and incentives offer major financial benefits for businesses—from reducing tax liability to increasing bottom lines. Unfortunately, there are many firms that make promises that are too good to be true when it comes to these services without delivering the results they’ve promised. That’s why it is essential to exercise caution with credit and […]
5 Ways Successful Entrepreneurs Use Their Free Time
Habits can have a major impact on our lives, whether it be financial success or personal growth. It is beneficial to turn to entrepreneurs for inspiration when looking to cultivate good habits—but how do these people actually spend their free time? By exploring the various practices employed by successful entrepreneurs, we can begin to emulate […]
How to Claim the Home Office Deduction on Your Taxes in 2023
In 2022, many workers experienced the convenience of working from home for their employers and some even had a side business as well. Remote work was increasingly popular that year due to higher percentages in specific job sectors like tech, legal or other occupations according to The U.S Bureau of Labor Statistics December report. Although […]
