There are approximately 30 million to 33 million small businesses that operate in the United States today, and roughly half of them operate out of their primary residence. Small town America still retains this population of at-home entrepreneurs, continuing a long legacy of cottage industries. The function of these business may be very different, but the opportunity to take additional deductions is not. If you work exclusively out of your home, have no access to additional office or workshop space, and are not employed working remotely, there’s information in here you will want to know about.

Health Savings Accounts are incredibly versatile tools to round out retirement plans for working age adults. These are most beneficial when they are earmarked for health and medical care needs and have the famous triple tax advantage. Even though they are reasonably difficult to qualify for, many employers pair them with high deductible health plans that have lower premiums and that allow policy participants to contribute to and grow something they can call their own. Read more about how HSAs can supplement your retirement, bear the brunt of medical costs, and reduce your tax burden.

Small business owners have a tremendous responsibility to maintain accurate records for the deductions taken on their tax returns. Many owners are familiar with depreciation and deductions, but might be confused as to how they’re applied, leading to doubt and stress about being audited by the IRS. As daunting as this may seem, many businesses operate in such a way where more complex deductions and depreciations would never apply. Here, we broadly demystify the deductions and depreciation mechanics so you don’t have to be gun-shy about taking them.

As many younger Americans are beginning their careers or stepping roles with higher responsibilities, saving for retirement is a must! But as many others have experienced, life mitigates when and how we save, and can even hurt the retirement effort. The IRS has penalties in place to discourage IRA withdraws, but understands that some circumstances where it’s absolutely necessary.

Mistakes happen on returns more often than not. If it’s to the IRS’s detriment, however, you will get a notice that’s it’s been corrected or you will need to correct it. Either way, you’ll likely pay. But if you fail to take deductions and credits that you’re entitled to, the IRS isn’t responsible for letting you know that. Work with a professional in this area to get the deductions and credits you deserve, and stop leaving money on the table.

This is mostly for the small business owners out there. Avoid getting into trouble by paying on your estimated taxes every quarter. If you’re new to expense tracking and holding money to the side, or you’re simply unfamiliar to the IRS payment process, it helps to work with a professional to guide you through. Even better if you’re able to reach one before year’s end!

Many maybe unaware of the multitude of resources available to help reduce or settle with the IRS on back taxes. These multi-year accumulations can make an otherwise successful business feel hopelessly burdened, but there are ways to recover from this and get back in positive payment terms with the IRS.

Unless you enjoy this process each year, it’s likely that tax filing ends up at the bottom of your priorities – until it’s not. A lot can happen in a year, and it’s very possible to ignore the tax implications that come with big life events. I’m here to tell you that it doesn’t have to be a surprise, but you should at least be a little curious how your income taxes are effected by these life events.