Educating Business Owners about Tax Deductions.
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
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
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?
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...
How much cash do you need to pay your bills every month ? After taxes or before taxes?
The average American needs a salary of $107,000 annually in order to feel financial healthy, according to Personal Capital in September 2022. How much do you need in order to feel financial healthy? If you were to quit your job, how much income would you need to...
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 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
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!
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...
“Ignite Success” with Greg Provance from GP Hospitality Partners
On "Ignite Success," Wendy Barlin welcomes outstanding leaders to this uplifting and interesting show, filled with practical advice and tips for business professionals. This week, Wendy spoke with Greg Provance from GP Hospitality Partners. To learn...