Educating Business Owners about Tax Deductions.
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...
Its almost February – How are your New Years Resolutions coming along?
Anyone have their 2023 going according to plan? Anyone? Me either. I did have plans. I had resolutions, just three but the world had other choices and so now I must pivot and re-address my 2023 goals. How about you? I suggest we have a DO OVER. Lets make Feb 1st OUR...
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
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 ?
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
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
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
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...
College tax credits – how do they work?
The two most popular tax credits you need to understand are the American Opportunity Credit and the Lifetime Learning Credit. Please ask your tax advisor if either of these is available to you. Given the price of college today, these credits are extremely valuable....
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...