J Smith & Company

J Smith & Company Reliable, professional accounting services for individuals and businesses across all 50 states. From tax prep to bookkeeping — we make the numbers work for you.

Trusted expertise, nationwide reach. Schedule your free financial analysis today!

09/03/2026

Most people assume buying a business takes hundreds of thousands of dollars.

In reality, many acquisitions are financed through SBA loans, making business ownership more accessible than most entrepreneurs realize.

The entrepreneurs building wealth the fastest aren't always the ones with the most cash. They're the ones who know how to leverage the right opportunities.

Buying a business could be the next step that accelerates your growth.

The QBI deduction can allow eligible business owners to deduct up to 20% of qualified business income.But qualifying is ...
09/01/2026

The QBI deduction can allow eligible business owners to deduct up to 20% of qualified business income.

But qualifying is not always as simple as owning a business. Your income, industry, and business structure can all affect how much of the deduction you can claim.

Knowing what you qualify for can make a meaningful difference in your tax strategy.

08/31/2026

One of the biggest advantages of owning a business is having access to tax planning opportunities that simply are not available to most W-2 employees.

A business owner can often deduct ordinary and necessary expenses that support the operation of the business. That does not mean everything becomes a write off, but it does mean your entity structure and tax strategy can have a significant impact on how much you ultimately pay.

Employees are generally taxed before they spend their income. Business owners have more flexibility to make strategic business decisions that can reduce taxable income when done correctly.

The difference is rarely how much someone earns. More often, it comes down to having the right structure, understanding the tax code, and planning ahead instead of reacting at tax time.

08/28/2026

The wealthiest people don't build wealth by constantly selling their assets. They build it by keeping those assets working for them.

Selling an investment often creates a taxable event, which can reduce the amount of money you have available to reinvest.

Before you sell an asset, ask yourself if there's another way it can help fund your next opportunity. The goal isn't to keep starting over. It's to build a portfolio that continues generating income and creating new opportunities.

Depreciation can be a powerful way to reduce taxable income while you own a property, but the tax story does not always ...
08/27/2026

Depreciation can be a powerful way to reduce taxable income while you own a property, but the tax story does not always end there.

When you sell, part of the depreciation you claimed may be subject to recapture, which can create an additional tax bill.

That is why a good real estate tax strategy should look at both sides of the deal: the savings you get today and the tax impact when you exit.

The deduction matters. The exit plan does too.

08/26/2026

Most people think the tax code exists to take money from them.

In reality, much of it was written to encourage economic growth by rewarding activities like investing, building businesses, owning real estate, and creating jobs.

If you only see taxes as a bill, you are probably missing the opportunities built into the system. The tax code is filled with incentives, but most people were never taught how to recognize them.

The more you understand the rules, the better equipped you are to make informed financial decisions. The tax code is not just a list of obligations. It is a framework of incentives that can help you build long term wealth.

08/25/2026

Your home could be more than just where you live. It could also help lower your tax bill.

The Augusta Rule allows eligible business owners to rent their home to their business for up to 14 days each year. When it's done correctly, your business may deduct the rental expense, and you may not have to report the rental income personally.

The key is proper documentation, a reasonable rental rate, and following the rules.
Think you could benefit from this strategy?

The tax code includes incentives that reward business growth, investment, and job creation. Understanding how these rule...
08/24/2026

The tax code includes incentives that reward business growth, investment, and job creation. Understanding how these rules apply to your business can help you reduce your tax burden legally and keep more of what you earn.

Learn the rules. Plan ahead. Build smarter.

08/21/2026

The tax code treats employees and business owners differently. W-2 employees typically pay taxes before they spend their income, while business owners may be able to reduce taxable income through legitimate business expenses.

That does not mean business owners avoid taxes. It means the tax code provides planning opportunities for those with the right structure and strategy.

The goal is not to pay less by breaking the rules. The goal is to understand the rules and use them the way they were intended.

08/20/2026

Think electing S Corp status automatically saves you money? Think again.
An S Corp is just the starting point. The real tax savings come from the strategies that work alongside it.

That includes:
✔️ The Augusta Rule
✔️ An Accountable Plan
✔️ Optimizing your reasonable compensation
✔️ Maximizing your QBI deduction

When these strategies are set up correctly, they can continue creating tax savings year after year.
If you have an S Corp but aren't sure you're taking advantage of every opportunity, now is the time to find out.
Our tax strategy sessions are designed to uncover missed opportunities and help you keep more of what you earn.

Click the link in our bio to schedule your strategy session.

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