Brian C Jensen

If you run a business, you already know taxes don’t wait until the end of the year. They’re a constant part of your financial decisions—whether you’re buying equipment, hiring help, or setting aside funds for retirement. A solid tax strategy helps you keep more of what you earn while staying compliant with federal and state rules. And with the right planning, you won’t be stuck scrambling during tax season. This article covers five key strategies you can use year-round to reduce your tax liability, avoid penalties, and strengthen your financial footing as a small business owner. 1. Choosing the Right Business Structure Can Lower Your Tax Bill Your entity type directly affects how you’re taxed—and choosing the right structure can lead to significant savings. Many small businesses start as sole proprietorships or LLCs by default, but that setup might cost you more in self-employment taxes over time. If your business is consistently profitable, electing to be taxed as an S corporation ca...

You already know that giving to charity has value beyond tax deductions—but if you’re thoughtful with your strategy, your generosity can work harder for you. With the right structure, timing, and tools, charitable contributions can significantly reduce your taxable income while supporting causes that matter to you. Whether you're preparing for a high-income year, selling a business, or just looking to align philanthropy with smart financial planning, this guide walks you through practical ways to optimize your tax strategy through charitable giving—so your impact extends beyond the donation. Donate Appreciated Assets, Not Just Cash If you’ve held investments like stocks or mutual funds for more than a year, donating them directly to a qualified charity can give you a double benefit. First, you avoid paying capital gains tax on the appreciated value. Second, you can deduct the full fair market value of the asset if you itemize your return. Let’s say you bought $5,000 in stock that’...

Tax law isn’t static—it’s constantly being rewritten, reshaped, and challenged, and the ripple effects hit businesses first. I’ve seen many companies trip over changes that seemed minor but had significant impact on everything from compliance to cash flow. Understanding how tax laws have changed over the last several years—and how they’re expected to change again—is essential for business owners, CFOs, and accounting teams that want to stay ahead. This article walks through the most impactful tax law developments in recent memory, and what businesses should be thinking about as they plan for what’s next. How the Tax Cuts and Jobs Act Reshaped Business Taxation The Tax Cuts and Jobs Act (TCJA) of 2017 changed the corporate tax structure in a way that hadn’t been seen for decades. The corporate tax rate was permanently cut from 35% to 21%, creating immediate financial breathing room for many C-corporations. For businesses organized as pass-through entities—like LLCs, partnerships, and S...

Tax accounting is undergoing rapid transformation, and the next decade will bring changes that reshape how businesses manage compliance and financial reporting. I’ve watched AI-driven tax solutions replace manual processes, governments push for real-time reporting, and blockchain disrupt traditional record-keeping. The tax accountant’s role is shifting—no longer just about filing returns but about strategic tax planning and digital adaptation. With automation, international tax reforms, and ESG considerations taking center stage, businesses and professionals must prepare for a more data-driven and technology-powered approach to taxation. AI is Taking Over Repetitive Tax Processes Automation has been a game-changer in tax accounting. I’ve seen firms drastically reduce the time spent on tax filings by integrating AI into compliance systems. AI-powered tax software can process large datasets in seconds, catching errors that humans might overlook and identifying potential deductions with ...

Every business owner knows that staying on top of finances is critical, but cost accounting takes this a step further. It allows businesses to dig deeper into their expenses, revealing where resources are being spent and how to use them more effectively. I’ve seen firsthand how cost accounting can transform financial management and improve budgeting strategies. It’s not just about tracking costs—it’s about understanding them in a way that helps you plan, save, and grow. Let me walk you through the core principles of cost accounting and how they lead to smarter budgeting. Identifying and Classifying Costs The first step in cost accounting is figuring out where your money is going by identifying and classifying your costs. I always break these down into two categories: direct and indirect costs. Direct costs are easy to pinpoint because they’re tied directly to a product or service. These might include raw materials or the wages of employees working on production. Knowing these costs al...

  In the fast-paced world of modern business, one term you’ll frequently encounter is “governance.” But what exactly does business governance mean? At its core, it refers to the system of rules, practices, and processes by which a company is directed and controlled. But this isn’t just a matter of operational protocols or corporate hierarchy; it’s about creating a structured environment that aligns with the company’s objectives, stakeholders’ interests, and legal requirements. As we venture further into the 21st century, the role of governance in the   modern business landscape   has taken on new complexities. We’re talking about digital transformation, social responsibility, and a growing emphasis on transparent, ethical operations. The dynamics are continually shifting, making governance not just a necessity but a crucial element in securing a company’s longevity and relevance. Understanding governance isn’t merely beneficial—it’s vital. Whether you’re an executive, a m...