Many small business owners like the idea of offering a 401(k), but hesitate because it sounds expensive or complicated. What often gets missed is that the IRS actually provides tax credits to help small businesses start retirement plans, and those credits have become much more generous in recent years. In some cases, these credits can cover a large portion of the cost of starting and maintaining a 401(k) during the early years.
Student loans are a reality for many professionals; lawyers, doctors, therapists, and business owners alike. Because these loans are directly tied to education and career growth, a common question we hear is: “Can I deduct my student loan payments on my taxes?” The short answer is: usually no. But the confusion comes from the fact that the IRS has multiple, separate tax rules that involve education and student loans, and they’re often mixed up. Let’s break this down clearly.
California recently expanded its Film & TV Tax Credit Program (Program 4.0), and many small entertainment businesses are wondering whether they can benefit. The program is known for supporting feature films, scripted TV, and animation, but what about small S-corps doing sound, editing, post-production, or small scale production work? Here’s a simple breakdown of what the new expansion means and how it may (or may not) help smaller businesses in this industry.