Tax Wealth Insights | Expert Blog Posts by Anomaly CPA

How to Claim and Maximize the R&D Tax Credit

John Malone, JD, CTC

June 8, 2025

If your business invests in innovation, you may qualify for the R&D tax credit—a valuable incentive that helps offset costs related to research and development. This credit applies to a wide range of industries and covers activities like developing new products, improving processes, and testing prototypes. To claim it, businesses must identify qualifying activities, document expenses, calculate the credit using IRS Form 6765, and file with their tax return. Working with a tax professional can help maximize savings by ensuring all eligible costs are captured, including wages, contractor fees, and supplies. Startups can also apply the credit toward payroll taxes. Reviewing prior years and maintaining detailed records can further increase your benefit.

The Benefits of Outsourcing Accounting Services

Greg O’Brien, CPA, CTS

June 8, 2025

Managing business finances can be overwhelming, especially for small and growing businesses. Between tracking expenses, preparing tax documents, and ensuring compliance, handling accounting in-house can take valuable time away from core business operations. This is why many companies are turning to outsourced accounting as a smart and cost-effective solution.

S Corp vs. LLC: Which One is Right for Your Business?

Greg O’Brien, CPA, CTS -

February 28, 2025

Choosing the right business structure is one of the most critical decisions a small business owner or entrepreneur will make. It affects liability protection, taxation, growth potential, and long-term financial planning. Many businesses begin as Limited Liability Companies (LLCs) but later consider S Corporation (S Corp) election to optimize tax savings and structure their business more formally. However, deciding between the two isn’t always straightforward. With the increasing popularity of Virtual CPA services, business owners now have more access than ever to strategic tax planning, entity selection guidance, and compliance support without having to meet with an accountant in person. A Virtual CPA can provide real-time insights, ensuring that business owners structure their companies in a way that minimizes tax liability and aligns with their long-term financial strategy. In this guide, we’ll explore the key differences between an LLC and an S Corp, their advantages and drawbacks, and how to determine the best fit for your business.

The Hidden Tax Deductions Small Business Owners Often Miss

By Greg O’Brien, CPA, CTS

January 24, 2025

Managing taxes is one of the most complex yet critical responsibilities for small business owners. While many are familiar with standard deductions like office expenses and salaries, countless lesser-known deductions remain underutilized. These hidden tax deductions can reduce liabilities significantly, allowing businesses to reinvest in growth, improve operations, and achieve long-term financial stability. Understanding and applying these deductions requires expertise and proactive planning. This is where small business accounting practices and professionals like a CPA or tax strategist come into play. By adopting a strategic approach to tax planning, you can uncover opportunities that might otherwise go unnoticed and build a more robust financial foundation for your business.

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