Educating Business Owners about Tax Deductions.
Looking for ways to keep the A Players on your Team?
Yes, we are all looking for ways to keep our A Players! One of my favorite strategies is to offer up to $5,250 of education assistance to my team members. This is a nice tax deduction for my business and is not taxable to my team members. Feels like "free money" to my...
Will the IRS target small businesses for audit?
The Inflation Reduction Act is approved and with that, nearly $80 billion in IRS funding, with $45.6 billion for "enforcement," raising questions about who may be targeted by future audits. What are your thoughts? IRS Commissioner Charles Rettig said the resources...
S Corp Owners must PAY themselves a Salary
S Corporations are ever popular as a tax vehicle for businesses to minimize paying Social Security and Medicare tax as well as avoid the possibility of double taxation with a C Corporation. S Corporations however, MUST pay "reasonable compensation" to a...
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?
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
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?
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 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
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?
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...