Tax Considerations for Ecommerce Businesses

Estate planning is a crucial component of comprehensive financial management, yet it often goes overlooked until significant life events prompt us to consider the future of our assets. In a world...

Understanding the tax implications of employing workers as either contractors or employees is crucial for any business owner. While both types of workers serve your business's needs, the way you...

Estate planning for business owners goes beyond mere will drafting—it's a pivotal element in the broader narrative of financial and legacy planning. Think of it as a key move in safeguarding your...

As a business owner, one of the most significant legacies you can leave behind is a well-established business that continues to thrive even in your absence. The key to this legacy is not just in...

This festive season, as you immerse yourself in the joy of baking gingerbread cookies, remember that growing your business is much like crafting the perfect batch of treats. It requires patience,...

If you run a business, chances are you've got some assets—whether they're physical things like equipment or more intangible like patents. Now, when it comes to figuring out their value over time,...

In an era marked by rapid technological advancements and an increasing focus on accountability, the Corporate Transparency Act (CTA) emerges as a pivotal legislative step towards fostering...

When it comes to retirement planning, it's more than just numbers on a spreadsheet; it's a life strategy that requires thoughtful consideration and a profound sense of gratitude. In our fast-paced...

As the leaves change color and the nights grow longer, it's time to embrace the spooky season. However, in the world of finance and accounting, there's one specter that's even scarier than any ghost...

Dealing with IRS notices can be a nerve-wracking experience for many individuals. When that unexpected envelope from the Internal Revenue Service (IRS) arrives in your mailbox, it's natural to...

In the complex realm of business management, maintaining financial clarity is an absolute imperative. Poor bookkeeping practices can serve as the catalyst for chaos, leading to a cascading series of...

When we hear the term "CPA" (Certified Public Accountant), many of us picture someone buried in piles of financial statements and spreadsheets, diligently crunching numbers all day long. While this...

In recent years, remote work has undergone a dramatic transformation, largely driven by technological advancements and accelerated by the COVID-19 pandemic. As more people and companies embrace this...

In a rapidly evolving economy, the rise of the gig economy has ushered in a new era of work characterized by flexibility, autonomy, and entrepreneurship. Freelancers and independent contractors now...

Starting a new business venture is like embarking on a thrilling adventure. As a new entrepreneur, you're driven by creative ideas, ambitious goals, and the vision of making your mark in the business...

Running your clinic or medical practice is one of the most fulfilling things you can do. You'll have the determination and clarity that you are doing your best to further our understanding of the...

The medical field is one of the most prestigious higher callings one can aspire to. Dedicating yourself to the best treatments for your clients has always been at the forefront of your practice,...

As a business owner, you know that your contribution to the economy helps to propel us forward. Running every aspect of your business can be daunting, especially generating revenue, minimizing...

The Internal Revenue Service (IRS) has various deadlines for filing tax returns and paying taxes. It's important to note that tax laws and deadlines may change over time, so it's always a good idea...

Life changes often, and as it does, so do tax obligations. With a wide range of requirements under the U.S. Tax Code as well as numerous state and local taxes to follow, it can be hard for...

Working from home, whether as a self employed individual, small business owner, or freelancer is continuing to be common for people all over the country. This arrangement has a lot of benefits for...

Filing federal and state tax returns is a common practice and requirement for people throughout the country. Generally, any income earner will need to send in a tax return by April 15 of each year...

Professional attorneys have a lot on their plate. You are responsible for managing your clients' legal matters and dealing with your finances — including taxes and other associated fees. Fortunately,...

Real estate investing can be a lucrative venture, but it comes with its own unique set of challenges regarding taxes. As a real estate investor, you'll want to make sure you're maximizing your...

Saving for retirement is an essential part of financial planning, and one of the most popular ways to do so is by contributing to a 401(k) plan. A 401(k) plan is a retirement savings account...

Small business owners have a lot on their plate, and taxes are just one of the many things that can easily slip through the cracks. Unfortunately, not properly managing your taxes can lead to costly...

We get it — tax season can be intimidating and confusing, even for a basic 1040 EZ return. But when you add capital gains tax rates and other complexities, it can make your tax situation seem almost...

Tax season can be a chaotic and stressful time for many Americans. Each year you likely have a laundry list of questions and don’t always know where to begin to turn in order to get the answers you...

Going to college and earning a degree can be a great way to expand your knowledge and education and open up new professional opportunities. While there are plenty of benefits that come with expanding...

One way to unlock your love for your business is to focus on the impact that it has on the world. When you are passionate about the positive difference that your business makes, it can be easier to...

As April approaches, you may be considering extending your tax return. While many people tend to shy away from filing for an extension, the truth is that there are a lot of benefits to extending your...

Although they are often confused, amended and superseded tax returns are both types of tax returns that are filed with the Internal Revenue Service (IRS) after the original tax return has been filed....

We recently participated in a workshop about critical conversations with Jeremy P. where he asked us to answer the question “What do people get wrong about you?” That really got me thinking about...

What is worse than an IRS audit? An IRS audit that you didn’t see coming! We recently launched our IRS Account Monitoring Service that allows us to pull transcripts and receive notification of exams...

With the normalization of digital assets, it has become commonplace to invest and receive income in the form of cryptocurrency. This has caused a shift in behaviors, questions, and attitudes of...

Happy Thanksgiving! During this special season, we’ve been thinking a lot about all the things we’re grateful for here at MBG…and it was a really long list. We thought you would be thankful that...

It’s almost Halloween so it’s time to share our scariest accounting and tax stories...better have a blanket ready to pull over your eyes, because we have some terrifying tales to tell. Double Trouble...

In mid-August, President Joe Biden signed into law the Inflation Reduction Act of 2022 which is primarily centered around healthcare, green energy and climate with key tax provisions, including:...

While it may be the last thing on your mind, most business owners and professionals relish the opportunity to have an effective and strategic tax plan in place. Once you have started making great...

It’s that time of year! Teachers are diligently preparing their classrooms and parents are gathering school supplies as students are headed back to school. I think we can agree that next level...

There's often more to accounting than you'd think. Especially as your business grows, managing transactions, expenses, and more can become increasingly complex—which often means there's room for...

Running your own business is something that appeals to many individuals. While it might be tempting to jump into the first opportunity that presents itself, taking the time to thoroughly evaluate the...

Exciting news! The MB Group has been included on Inc. magazine's Best Workplaces list. You can find us featured in the May/June 2022 issue or on Inc.com. This list is a comprehensive measurement of...

The importance of manufacturing in any nation cannot be understated. This is why different states offer opportunities for tax exemptions for industrial processing. Manufacturers are therefore able to...

As investing in the stock market has become more and more popular, many people are starting to ask about how this income is taxed. Unlike wages, investors in the stock market are completely on their...

More and more these days, companies are quickly realizing that not all employees have to live close to the home office. If you, like many other businesses, are starting to hire out-of-state to find...

NFTs are becoming a hot new commodity, making many people rich overnight. Just like with anything that makes money, however, it's important to think about the tax implications of the trading of NFTs,...

Tax planning is a complicated business, but nearly every tax planner and accountant will agree that the sooner an individual or business knows about upcoming changes to the tax code the more likely...

Is inheritance taxable, or do you have to pay taxes on an inheritance? The short answer is: YES. Your inheritance is taxable in two ways: estate tax and inheritance tax. But, you're only required to...

To put it simply, cost basis is the total amount invested in a stock or a property, plus any fees or commission involved in the purchase. It’s recorded by using the dollar amount of the investment or...

As a business person, you probably face many uncertainties each operating day. Unfortunately, some of these uncertainties may threaten the success and existence of your business. Therefore, you need...

When it comes to taxes, there are very few hard and fast rules except — you have to pay them. Even so, one of the most frequently asked questions we receive at the MB Group is "Do you have to pay...

Although many companies are shipping their manufacturing processes overseas for cheaper labor and production costs, the U.S. has created a number of enticing incentives to keep your production...

If you are self-employed, you may have taken advantage of the 2020 CARES Act. You will recall that the act provided tax relief from the economic stress of the COVID-19 pandemic. Employers were...

It’s the MOST beautiful time of the year! Tax planning time! I bet with an intro like that you thought this blog post was going to be all about how magical the holidays can be and, while that is...

No matter your industry or segment, cash is king. However, this king must be managed through a process of cash flow analysis. Very simply, cash flow is the movement of money in and out of your...

A balance sheet is basically a picture of exactly where a business stands at any given moment in time. This paper takes into account what a company has and what it owes to get an idea of whether the...

As a small business owner, it can feel at times as if hazards and risks are actively working against your success. While you may encounter similar risks as large Fortune 500 companies, the same...

As the end of the year approaches, paperwork is on the top of most business owners' lists. This isn't the favorite activity of most, but making sure everything is in order not only helps you know...

Every year, millions of Americans file their tax returns. And, every year, thousands of them miss out on valuable tax breaks and never even know about them. Here at the MB Group, we want every client...

Today, a stunning 3.2 million people in the United States and 1.3 million internationally utilize QuickBooks Online (QBO). This very popular online accounting software package is designed to...

As an attorney, you specialize in helping your clients navigate matters of the law. But managing the accounting and tax planning for your firm may be an entirely different story. Because tax laws can...

Whether you're just getting started, entering a period of growth, or looking to streamline processes, technology should be a critical component of your strategy. And if you're looking to purchase new...

Being a business owner or being self-employed opens the door to a vast range of benefits. You will have more autonomy and control over: The hours you work The people you work with The type of work...

As an attorney, you specialize in matters of the law and in helping protect the rights of your clients. And while you may have been able to handle your bookkeeping and accounting in the beginning,...

In March earlier this year, President Biden signed the American Rescue Plan (ARP) Act. The American Rescue Plan Act is designed to breathe life into the small business community by providing...

Investing in real estate, similar to any other endeavor, comes with a unique set of risks. And many of these risks are simply out of your control. For example, quickly changing demographics can be...

As a business owner, you wear many hats and have a lot on your plate. With so much to consider, it's easy to make mistakes. But some mistakes can be much more costly than others, especially when they...

If you're considering in-house accounting vs outsourced business accounting, it most likely means your business has grown. In addition to increased revenues, growth also means increased financial...

While the average real estate investor can earn anywhere from $70,000 up to $124,000, the possibilities are virtually endless. And the more you earn, the higher your real estate tax obligations will...

In the 2021 tax year, the average income tax refund was $3,039. While splurging on a stellar vacation or a shopping spree may seem like an option, it's not the best option. In fact, there are a...

Business owners know their business like no one else—except for their accountant! Your accountant, whether inhouse or an outside firm, knows the ins and outs of your business from the financial point...

Whether you're a business owner or an individual, it's completely normal to request more time to file your federal income tax return. In fact, over 10 million taxpayers request tax extensions each...

The hustle, the fear, and the anxiety — it must be tax season. And if you experience any or all of these symptoms, you may be suffering from tax phobia or IRS phobia. While cynics may smirk at the...

While filing taxes as early as possible is generally the right thing to do, this year may be the time to wait. Tax season in 2020 was chaotic to say the least, and while 2021 seems to be back on...

We get it: as a business owner, you have a lot on your plate. From managing the day-to-day operations, to marketing, to tax planning, to a litany of other tasks—business owners are often stretched...

At the core of every successful small business is a great product, hard work, and accurate bookkeeping. While it may not be the most glamorous aspect of entrepreneurship, proper bookkeeping is key to...

If you're a contractor, freelancer, or business owner, you've more than likely heard of the 1099 form as a part of your tax planning. However, 1099 form definition can take on a unique meaning based...

Although the recent news about the coronavirus vaccine is more than welcome, we are far from done with the COVID-19 pandemic. Because of this, it's important for business owners to continue to...

As a franchisee, choosing the best legal structure is critical. However, when it comes to the typical ownership structure of franchises, the number of options can make the process confusing. Even so,...

If you're a franchisee, it makes dollars and sense to partner with the MB Group for strategic tax planning for franchises and franchisees. We will work closely with you to help save you time and...

Practicing medicine can be exceptionally rewarding, holistically fulfilling, and…utterly exhausting. When you're ready to hang up your stethoscope and venture into your next phase of life, it's...

Day in and day out, you dedicate your life's work to saving lives and improving the wellness of others. Far too often, however, your dedication often leaves little to no time for matters in your own...

You've worked hard to create a nest egg to support your lifestyle and help those closest to you toward their own goals. However, if you fail to engage in estate tax planning, the inheritance you...

Taxes can be extremely taxing for small business owners. Because you're already the CMO, CEO, CIO, and everything else, the last thing on your plate is to pay Uncle Sam more of your hard-earned...

You've worked to build the nest egg that can last you throughout your golden years and leave an inheritance to those you care about the most. However, if you fail to utilize effective tax planning...

When thinking about your healthcare, you might not immediately associate it with taxes. However, there are options that carry tax-benefits which you should consider to lower your tax burden. Health...

If you're a real estate investor or commercial property owner, one of the most valuable tax deductions is depreciation. While the concept of depreciation may not be foreign to most, it can become...

As if 2020 wasn't already tumultuous enough: tax season is upon us. And just like every other facet of life, COVID-19 has indeed had an impact on taxes. If you're not careful and meticulous about...

Small businesses are the heartbeat of the United States economy. Unfortunately, small businesses have been under assault from every direction due to the COVID-19 global pandemic. Facing closures,...

Contrary to popular belief, what you don't know can hurt you, especially when it comes to tax deductions you may have missed for your business. Failing to capitalize on all of the tax deductions you...

Open enrollment is often time-consuming and confusing for employees, but these choices can make a huge financial impact. We always suggest that HR share the following advice with employees to help...

Regardless of your sector or industry, one adage remains true: if you fail to plan, you're planning to fail. To help you avoid the unfavorable outcomes associated with foregoing financial planning,...

Managing taxes can be stressful and time-consuming. That’s why many people put off dealing with all tax-related matters until it’s time to file their annual return. While this may seem like the...

The coronavirus pandemic has left no stone unturned and has completely shifted the way we view business and life—including accounting. In fact, the COVID-19 pandemic has resulted in one of the most...

You've worked hard to build a nest egg and enjoy some of the finer things in life. It only makes sense to chart the best path forward under the seasoned advice and guidance of financial planning. No...

As a real estate agent, you are dedicated to helping others achieve their goals, dreams, and aspirations through acquisition and sale of property and homes. But who is helping you achieve yours?...

Do you want to project how your business will grow? Are you planning to ask for funding from a bank or investor? Having a hard time budgeting for long-term expenses? Creating an accurate financial...

At the MB Group, one of the most common questions we receive during tax preparation is whether a business owner or individual should choose standard vs itemized deductions on their tax returns. The...

For millions of Americans, April 15th (tax day) brings confusion and anxiety. Dealing with the IRS can be unnerving, and even a minor error on your tax return can mean audits, fees, and penalties. If...

Certified Public Accountants (CPAs) are some of the highest trained financial advisors. You can find them in some of the most trusted financial institutions you will work with. In order to receive...

No matter your business or industry, it's imperative to keep solid financial records. This is the one area of business that every enterprise has in common. However, managing to keep records for...

If you're looking to start a business, it's critical to choose the right business entity; and there are a range of factors to consider. Arguably, the most important factor is the tax rate. And with...

The benefits of owning a business are many, yet there is one substantial downside: you're responsible for saving for your own retirement. And unless you're planning on working forever, this is a big...

As a business owner, you have no shortage of responsibilities vying for your attention. Finding enough time to balance the day-to-day of running a business is a job within itself. However, savvy...

The IRS can be intimidating, regardless of your income bracket. And when you are considered to be a high earner or high-net-worth individual, the fear of an audit becomes even more alarming. And...

Cash is the most liquid asset any company has. That’s why the ability to produce cash is one of the most important factors that an investor looks at when assessing financial health and stability....

For most people with a high-net worth, the ultimate goal is to ensure those you care the most about are cared for and provided for—even after you're gone. And the CPAs at MB Group can utilize...

You've worked hard to create a life and lifestyle you can be proud of. It only makes sense for you to take the necessary steps to secure your future. And the experts at MB Group can help. We're a...

If you're considering legitimizing your real estate investment projects into a business, one of the first steps is selecting the best business entity or business structure. The structure of your...

Creating a new company is an exciting but often confusing venture. There are so many decisions to be made, and each choice will impact your business for years to come. The first thing that every new...

The 1031 exchange is a powerful tool that can help you save immensely on taxes following the sale of a property. It's a tax-deferral program that allows you to sell a property and then reinvest the...

The Setting Every Community Up for Retirement Enhancement (SECURE) Act stands as one of the most important pieces of legislation in the last decade. Even though it includes several provisions that...

Are you an individual or business who owns real estate? If so, you may be eligible to use the cost segregation tax planning strategy. In the simplest sense, cost segregation is a process where...

In order to combat the challenges businesses and workers are facing as a result of the COVID-19 outbreak, the president has signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into...

SBA Economic Injury Loans The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a...

Recently, there have been many updates on important matters related to the ongoing health crisis in our country. IRS action has already been taken and federal tax legislation already enacted to ease...

During this trying time, it is hard to place our minds anywhere else other than the pandemic at hand. But as I stepped onto my apartment balcony this morning and heard the birds singing, I realized...

Starting your own business is an exciting venture that can quickly turn into a daunting undertaking for even the savviest entrepreneur. Before you hang your shingle, you must first decide how you...

At MB Group we are a team of certified public accountants who specialize in helping high net worth individuals minimize tax liability. We use a range of key strategies and tools to help our clients...

Did you know approximately 90% of the world's millionaires have created their wealth through real estate investing? Whether you're looking to pick up your first rental property or considering adding...

If you’re like most business owners, you’re consistently looking for ways to increase profits, lower tax liability, drive more efficient growth, and find more time for life. Fortunately, you don’t...

The allure of real estate with the possibility of positive cash flow is an intoxicating one to invest into. Some investors look to purchase fixer-uppers and invest the money into repairing them and...

There has always been a line in the sand when it comes to taxes for individuals and taxes for businesses and corporations. As you might expect, businesses and corporations are entitled to many tax...

It's not a secret — high net worth people are poised to pay the most in taxes. And because you pay the most, you also have the ability to utilize high net worth tax strategies to help reduce your...

When it comes to worrying about your taxes, most people only worry about it when tax season rolls around in late January. This is when employers send out W2’s for the year and most people get a start...

When it comes to real estate and taxes, there are many factors that come into play when figuring out what can be deducted in April. Are you a single-dwelling homeowner owning their own home? Or are...