If you show up to your accountant or tax pro on the day your tax return is due or even a few days before, you’re likely too late to get it done in time.
Tax Planning Checklist for 2022
This is a great time of the year for tax planning – because it’s PROACTIVE and well-timed. Make sure these tax-reducing ideas are on your radar for 2022.
Understanding Tax Deductions for Mileage & Vehicles
A deduction is anything you spend or incur in your business that is an expense of some sort. It’s a deduction against the revenue of your business, whether it’s a cost of goods, an expense, or even a home office deduction.
Understanding The Employee Retention Credit
Did you know you could get a refund for the Social Security and Medicare taxes you’ve paid on your employees’ wages?
Every decision is a profit decision. So you want to make sure you’ve got all your bases covered when it comes to making business decisions. One of the ways you can make it through these challenging times is by taking advantage of the Employee Retention Credit.
How to Legally Rent Your Home
for Tax-Deductible Business Purposes
Ever heard of the “Masters Rule”? This rule allows you to rent your home to your business for 14 days tax-free. This post includes more details about this strategy and how to do it legally.
Don’t Miss This Easy Online Business Tax Deduction!
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Profit Planners, rejoice! There’s a new deduction in town. Actually, it’s not that new. It’s been around since 2013. But it remains one of the most ignored deductions available to online business owners. Consider this statistic: Although an estimated 26 million Americans have home offices, just 3.4 million taxpayers claim home-office deductions. For those suffering from audit paranoia, Forbes…
2016 Decrease in Standard Mileage Rate – Tax Season Countdown
How to Plan for the IRS Standard Mileage Rate Change in 2016 Attention all food trucks operators, delivery drivers and road warrior marketers! (Oh, and anybody using their automobile for business purposes? You’d better listen up, too.) The IRS has changed the standard mileage rate. As you might remember, the standard mileage rate is one of the ways…
“Can I Write It Off?” – Business-Related Gifts
Wondering if you can write off business-related gifts on your 2016 tax return? Here’s everything you need to know. Say what you will about the commercialism of Valentine’s Day, it’s great for working folks! Our office was awash with chocolates, cookies, flowers, cards, and boxes of those chalk-textured conversation hearts. (#FunToRead #GrossToEat) Of course, we sent our…
Buying a Boat (or Other Luxury Item) as a Business Asset
With the summer months upon us, you may be dreaming about a boat or a mountain condo. Your company has performed really well the past year, you are flush with cash assets, and ready to lay out some of those hard-earned profits on a vacation property, yacht, or private airplane. Would the new boat be…
Make Your Money Work for You this Summer
Consider this scenario. You are planning a three-day business conference in Lake Tahoe. There will be workshops on using the latest audio technology to produce your podcasts, one of the primary activities you do for your business. The hotel where the conference is being held just happens to be right next to Wally World. The…