If you’re a small business owner, brace yourself for a new task on your to-do list. Commencing on January 1, 2024, the initial phase of the Corporate Transparency Act (CTA) takes effect, introducing a fresh federal filing requirement for most corporations and limited liability companies (LLCs), with only a few exceptions. Approximately 99% of small […]
Year-End Tax Strategies For Business Owners
At Virjee Consulting, our primary goal is to reduce your tax burden by forward planning and then helping you use your business to reach financial freedom. The final quarter of the year is a crucial period for owners of small businesses and corporations, as well as independent contractors. It’s the time to implement strategic tax […]
Buying a Company Car vs Using the Mileage Deduction
We get this question at least twice a week for clients. “My friend’s CPA told them to buy a car under the company name in order to save taxes, why don’t you recommend it? Even better I’ve seen Tiktok and Youtube videos from Tax Experts about how buying a company car is one of the […]
Beware the Tax Shock: Why Business Owners Should Pay Estimated Taxes On Time
As the saying goes, there are only two certainties in life: death and taxes. For business owners, the latter can be especially daunting, and recent changes in IRS interest rates have made it even more critical to stay on top of estimated tax payments throughout the year. Failing to do so can lead to an […]
Virjee Consulting Names New Partner
Virjee Consulting is proud to announce effective August 1st 2023 Abbey Ali, MBA, EA being named Partner overseeing our Client Accounting Service and Tax Business. Abbey will take over take Tax department responsibilities over from Omar Virjee who will move fully into his role as CEO over seeing the management and strategic vision for the […]
How Business Owners Including Doctors Can Deduct Their Next Vacation
Doctors, like any other professionals, need time off to recharge and relax. However, finding a way to write off vacation expenses can be a smart financial move. By following a few strategic steps, doctors can maximize their tax deductions while still enjoying a well-deserved vacation. Let’s explore how this can be done. Step 1: Establish […]