Educating Business Owners about Tax Deductions.

Is your CPA registered with the IRS?

Is your CPA registered with the IRS?

This time of the year can be a hot bed for tax scammers who pretend to be certified tax preparers. They prepare a tax return, take your money and then are long gone when you receive an IRS notice months or years later. Or even worse, they fraudulenty file on your...

Be wary of BHAPs

Be wary of BHAPs

Be wary of BIG HAIRY AUDACIOUS PROMISES taxpayers. Remember, if it sounds too good to be true, it probably is. As a follow up to last week's blog about finding a reputable tax preparer, this week I want to discuss the plethora of online ads offering solutions whereby...

Choose your Tax Preparer Carefully – The IRS Agrees

Choose your Tax Preparer Carefully – The IRS Agrees

The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though most tax return preparers provide honest, quality service, some may cause harm through fraud, identity theft and other scams. When hiring an individual or firm...

Checking account conversations

How often have you paid attention to managing your bank accounts more strategically? My guess is not often. Most people focus on their balance and paying bills. There is however a strategy to maximizing banking benefits. Think about interest rates. If you cash can...

IRS opens for Tax Filing on January 23rd

IRS opens for Tax Filing on January 23rd

Good news, for those of you who are wanting a refund on your 2022 income taxes prepaid, the IRS is opening for filing on January 23rd. File early for a quick refund. The longer you wait, the longer refunds take to process. With the three previous tax seasons...

Buy or Lease ?

Buy or Lease ?

At least once a day I get this question from my clients - should I lease or buy a car or truck?  And sadly, the answer is always, that depends. I know I know, you want a solid yes or no answer but its complicated. The law is not complicated, each person's own tax...

1099 Filing Time

1099 Filing Time

Happy new year! The new calendar year always marks the time to get your 1099s in process. 1099s are issued to service providers in your business from the prior year. Yes, in your business. 1099's protect and secure your business income tax deduction. There is so much...

Updated Mileage Rate for 2023 Tax Deductions

Updated Mileage Rate for 2023 Tax Deductions

The IRS has updated their standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable or medical purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel...

Understanding Kiddie Tax

Understanding Kiddie Tax

I often hear adults saying that they move their investments or their assets into their children's names to minimize their income taxes. This is an old ploy that the IRS wised up to many years ago and so if your child (including a student up to 23 years old), has...

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!