Tax and Financial Insights from Island Tides Accounting LLC

Key TakeawaysYou can sell losing investments to realize a capital loss that offsets taxable gains. If your losses exceed gains, you can deduct...

Key Takeaways Create a written data protection policy. Every employee should know the rules for handling sensitive data. Back up data...

  Key Takeaways Your business can give back and receive tax benefits if the donation is correctly structured and documented. Charitable...

Key TakeawaysYes, the WOTC applies if you hire someone before December 31, 2025.  You must submit IRS Form 8850 to your State Workforce...

Key Takeaways Profit doesn’t equal liquidity: You can look great on paper (i.e., profitable) and still run out of cash. Year-end cash flow...

Key TakeawaysKeep every contractor’s Form W9 on file before the first payment. If your contractor won’t give you a W9, be persistent. The IRS...

Quick Summary: Could Changing My Business Entity Mean a Lower Tax Bill?If you’re a Sole Proprietor or single-member LLC, you’re likely paying a...

Quick Summary: What Smart Accounting For Small Businesses Looks Like In 2025Call your tax advisor before making financial moves to avoid missed...

“With organization comes empowerment.” —Lynda Peterson Quick Answers: Can I Put Personal Money In My Business Account?If you put personal money...