How do I calculate my business profit and loss statement?

A Profit and Loss Statement (P&L), also known as an Income Statement, is a financial document that summarizes the revenues, costs, and expenses incurred during a specific period, such as a month, quarter, or year. It provides a snapshot of your business’s financial performance by showing whether it has made a profit (net income) or […]

Tax deadlines, penalties and estimated payments — everything you need to know

At Waldman Accounting, we help W2 employees, independent contractors, small business owners, real estate investors, entertainment clients and more navigate their taxes. Whether you stress over estimated taxes or organizing your finances to hit the April 15th tax deadline, we’re here to give you confidence and peace of mind each tax season. The following are […]

Is it better to be an LLC or S-Corp?

When you are self-employed, choosing the right business structure can significantly impact your taxes, liability, and overall financial health. Limited Liability Companies (LLCs) and S Corporations (S-Corps) are two of the most popular choices. While both options offer distinct advantages, deciding between them depends on your business goals and personal circumstances. We break down the […]

How to request an IRS Transcript

An IRS transcript provides a tax record summary and helps verify income, track payments, track down 1099s, or resolve discrepancies. Here’s how to request one: The easiest way to request an IRS transcript is to do so online. Steps to request an IRS transcript Visit the IRS’s “Get Transcript” tool on their website. You can […]

Maximizing tax savings with the Home Office Deduction

The home office deduction is a tax benefit that can lower your taxes if you use part of your home for your business. The home office deduction allows individuals who use part of their home exclusively for business purposes to deduct related expenses on their taxes. This can include employees, self-employed individuals, freelancers, and small […]

What qualifies as a business expense?

Understanding what qualifies as a business expense is essential for entrepreneurs and small business owners looking to maximize their tax deductions and keep more of their hard-earned money. This guide outlines common deductible small business expenses and also covers what is NOT a deductible expense. As always, if you’re a client of Waldman Accounting, feel […]

What are common income tax deductions?

Tax season can be overwhelming, but understanding common tax deductions can significantly reduce your taxable income and save you money. The following are common tax deductions to consider for individuals and businesses. These tax deductions are grouped by category to make it easier to identify which deductions might apply to your situation: 1. Personal Deductions […]