Educating Business Owners about Tax Deductions.

Tax credits for Electric Vehicles in the NEW Inflation Reduction Act

Tax credits for Electric Vehicles in the NEW Inflation Reduction Act

Wanting an electric vehicle?  Needing an electric vehicle?  No doubt with the ongoing rollercoaster pricing of gas, we are all considering life with an electric vehicle! Yes, there will be MORE tax credits available for electric vehicles purchased and put in use after...

Do you need a Coach or a Consultant?

Do you need a Coach or a Consultant?

There is so much confusion in the market place about the difference between a coach and a consultant.  In my experience, a coach is someone who motivates you, holds you accountable and guides you to being the best business owner you can be whereas a consultant,...

Depositing cash into your own business is NOT taxable income

Depositing cash into your own business is NOT taxable income

When you loan deposit cash into your business that is your own money, much like a loan, it is not taxable. Only EARNED income is taxable. This is an important destinction to understand. Similarly, taking cash out of your business for your own personal needs or...

Did you file an Extension for your 2021 Taxes?

Did you file an Extension for your 2021 Taxes?

If you filed an extension for your LLC or S Corporation and March 15th then your extended due date is September 15th. If you filed an extension for your personal income tax return or your C Corporation at April 15th then your extended due date is October 15th. You can...

I don’t have my receipts – WHAT NOW?

I don’t have my receipts – WHAT NOW?

I received a LOT of comments and questions after posting about the need for RECEIPTS in order to substantiate your business travel deductions. Yes, you need receipts but no, there is no receipt jail if you dont have receipts. So let's assume that you don't have...

Don’t forget your receipts

Don’t forget your receipts

Traveling this summer? Don't forget your receipts. Receipts are the backbone of every tax deduction. No receipt, no deduction. Receipts can be in the form of photographs, digital images or good old fashioned paper. Or a combination of both. Whatever works best for...

Received an IRS notice?

Received an IRS notice?

Taxpayers, it is that time of the year! If you timely filed your 2021 income tax return and there are any clerical or payment issues, you have likely received a notice from the IRS by now. What to do? Well my best advice, don't ignore the notice. Open it. Maybe it is...

How do I pay myself from my Corporation?

How do I pay myself from my Corporation?

Traditional C Corporations have grown in popularity as the maximum corporate tax rate of 21% falls below many individual tax rates. I love a good C Corporation but please be sure that you understand how to pay yourself from your C Corporation as it is not as flexible...

Interview – Small Business BIG Challenge with Lionel Legry

Interview – Small Business BIG Challenge with Lionel Legry

I spent some time this week talking with Lionel Legry on his podcast, Small Business, Big Challenge. We talked about business owners, tax myths and some super tax strategies that most CPA's are not sharing with their clients. Podcasts are a fantastic way to share...

Mid Year – the PERFECT time to do some Tax Planning

Mid Year – the PERFECT time to do some Tax Planning

Taxpayers, we are mid way through the year. Have you made your quarterly tax estimates OR are you holding cash for the threat of looming recession in our economy? Either way, I ALWAYS recommend doing mid year tax planning. What is Mid Year Tax Planning ? - you may...

Download Your FREE Tax Chart

You have Successfully Subscribed!

Download Your FREE Pension Chart

You have Successfully Subscribed!

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!

You have Successfully Subscribed!