Category: Uncategorized
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Should Your Electrical Contracting Business Be an S-Corp? Here’s How to Know
When Mike started his electrical contracting business six years ago, he was a one-man show running conduit and swapping panels, invoicing as a sole proprietor because that’s just what you did when you were starting out. Fast forward to year five, and Mike had two crews, a steady stream of commercial tenant-improvement work, and a… Read more
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The Reasonable Compensation Trap: What Happens If Your S-Corp Salary Is Too Low
Electing S-corp status is one of the smartest tax moves a profitable trade business can make. It’s also one of the easiest to get wrong in a way that quietly invites an audit. Here’s the trap: the whole reason S-corp status saves you money is that only your salary is subject to self-employment tax —… Read more
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1099 or Employee? The Classification Mistake That Could Cost You Thousands
You’ve got a guy. He shows up most weeks, does great work, and you pay him at the end of the job. Easy — you hand him a 1099 at tax time and move on. Except the IRS might not see it that way. And if they don’t, “easy” turns into back payroll taxes, penalties,… Read more
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Tax Relief in 2025: Elevated Child Tax Credit and a Cemented Standard Deduction
2025 Tax Law Updates: Bigger Child Tax Credit + Standard Deduction Locked In Big news for families and taxpayers in 2025: the One Big Beautiful Bill Act (OBBBA) made some major changes that will put more money back in your pocket. Two of the biggest updates? The Child Tax Credit and the Standard Deduction. Let’s… Read more
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Checks & Balances: Simple Internal Controls for Solopreneurs
When you think of “internal controls,” you might imagine big corporations with accounting teams, approval workflows, and board members. But here’s the truth: Even if you’re a one-person business, you need internal controls. They help you: And the best part? You don’t need a team to set them up. Let’s walk through simple, practical internal controls any solopreneur can implement… Read more
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Breaking the Feast and Famine Cycle: A Solopreneur’s Guide to Consistent Income
Most business owners are taught to “reinvest in the business” or “wait until the numbers look better” before taking a paycheck. But here’s the truth: You’re not just a business owner—you’re also an employee of your business. That means you deserve consistent income. When you avoid paying yourself, it can lead to: ✅ The Solution: Create a… Read more