Educating Business Owners about Tax Deductions.

Ready to hire a CPA?

Ready to hire a CPA?

It is that time of the year when we not only stress about the upcoming holidays but we ALSO stress about the upcoming tax filings in the spring. December is the month that many people switch accountants or hire an accountant for the upcoming tax season. IF you are...

Make a charitable donation before December 31st AND get a tax deduction

Make a charitable donation before December 31st AND get a tax deduction

I get a lot of questions at this time of the year about giving to charity. How much to donate? What will I save on my taxes and as with all tax questions, my answer is, "that depends". How much can you give to charity? Well you can give 100% of your income to charity...

Your TIPS are TAXABLE

Your TIPS are TAXABLE

Did you know that your tip income is taxable? YES it is!  The IRS published a remind about this in October 2022. Do you have tip income? Then please be sure that you declare this income on your annual tax return. Now remember, tip income includes both cash AND non...

IRS scrutinizes E-Retailers

IRS scrutinizes E-Retailers

The IRS knows about the internet!  Yes, their agents spend time online looking at businesses. According to the IRS, because of the borderless and paperless nature of the industry, they have concerns about income being ommitted. And electronic expense receipts can be...

Dreaming of a cash based business?

Dreaming of a cash based business?

Interested in starting or buying a cash based business ? I get a LOT of these requests from clients. Not so fast, the IRS may be on to you! The General Accounting Office estimates that the individual income tax "gap", being the income tax reported vs the income tax...

Ready to make a change for 2023?  Now is the time!

Ready to make a change for 2023? Now is the time!

The news has been full of corporate jobs being closed out over the last six weeks. Layoffs across several sectors. So let's talk about what this means for you. If you have been in a corporate job and are miserable or are nervous about these lay offs then maybe now is...

The IRS has hired 4,000 more Customer Service Representatives

The IRS has hired 4,000 more Customer Service Representatives

The Internal Revenue Service announced today significant progress to prepare for the 2023 tax filing season as the agency passed a milestone of hiring 4,000 new customer service representatives to help answer phones and provide other services. The customer service...

Save on Energy AND on Taxes

Save on Energy AND on Taxes

Ready to make your home more energy efficient? Take advantage of the Inflation Reduction Act which includes a tax credit worth up to $1,200 a year for installing qualified energy efficient home improvements, starting in 2023 and continuing until 2032 so you have 10...

Beware of ERC scammers!

Beware of ERC scammers!

The Internal Revenue Service today warned business owners to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and...

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FREE GUIDE: Business Use of Home

Some expenses are deductible whether or not you use your home for business. Others are deductible only if the home is used for business. Download your FREE guide to find out!

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