Educating Business Owners about Tax Deductions.
IRS Reminder – Crypto and Digital Asset Gains are TAXABLE
Today the IRS reminds taxpayers that there's a question at the top of Forms 1040 that asks about digital asset transactions. All taxpayers filing these forms must check the box indicating either "yes" or "no." If an individual disposed of any digital asset that was...
BEFORE you file – have you taken all the tax deductions to which you are entitled?
The corporate income tax return filing deadline is just two weeks ago. BEFORE you sign and file, are you sure that you have taken ALL the business income tax deductions to which you are entitled? This is your money! You have a responsibility to be a good steward of...
Use Online Software to File your Tax Return – Which one should I pick?
Technology has sure come a long way in the twenty five years that I have been filing income tax returns for clients. In the last five years I have been recommending online tax software to my friends, family and colleagues who don't have complicated tax situations and...
How much REVENUE do you need to be SUCCESSFUL?
Most of my clients come to see me with lofty imagined revenue goals. Great! What does that mean? Of the 12% of women business owners who bring in over $100,000 in annual revenue, half (6.2%) make over $250,000 and just 1.9% make $1 million or more. Data from National...
NEW – IRS created the Document Upload Tool
Good news - the IRS has created a Document Upload Tool. So, should you receive a notice from the IRS, don't panic! Open the envelope. Take a breath and take a look. What paperwork are they requesting? Most notices are related to your refund request and or tax credits...
GULP – How is it possible that I owe so much tax?
Sitting on the edge of your chair waiting for that dreaded call from your accountant - how much do I owe? Ugh, really, that much? Two things: 1. Lets have a conversation BEFORE you sign, file and pay. Let me look at your numbers, your tax returns and lets make sure...
My office is just a desk in my bedroom – can I deduct my home office?
Yes! The IRS requires that your home office be your primary office. Those are the exact words written in the law. Primary Office. It is not required that you have a dedicated space. So what is the difference? Well most importantly, the IRS requires that you do not...
IRS posts list of electric vehicles that can get the tax credit
Good news, for those of you in the market to buy a car and contemplating buying an electric car, the details are finally live on how to get your tax credit. Very often car dealers and salesmen love to assure customers that they will get tax credits so that you buy....
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 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...