Educating Business Owners about Tax Deductions.
How do I pay myself from my Corporation?
Traditional C Corporations have grown in popularity as the maximum corporate tax rate of 21% falls below many individual tax rates. I love a good C Corporation but please be sure that you understand how to pay yourself from your C Corporation as it is not as flexible...
Interview – Small Business BIG Challenge with Lionel Legry
I spent some time this week talking with Lionel Legry on his podcast, Small Business, Big Challenge. We talked about business owners, tax myths and some super tax strategies that most CPA's are not sharing with their clients. Podcasts are a fantastic way to share...
Mid Year – the PERFECT time to do some Tax Planning
Taxpayers, we are mid way through the year. Have you made your quarterly tax estimates OR are you holding cash for the threat of looming recession in our economy? Either way, I ALWAYS recommend doing mid year tax planning. What is Mid Year Tax Planning ? - you may...
Lease a car as a Business Tax Deduction
One of the most common questions I get every day in my office is : "Is Leasing a car a good tax deduction for my business?". Yes but. Isnt that always the answer when it comes to taxes. Yes, leases are a good tax deduction but an awful use of cash in that you are...
IRS uses Voice Bots to Answer Your Questions
Voice bots join the IRS team! The IRS has been using voice bots on numerous toll-free lines since January, enabling taxpayers with simple payment or notice questions to get what they need quickly and avoid waiting. "To date, the voice bots have answered over 3 million...
IRS increases Standard Mileage Rate for 2022
The IRS this week announced that the Standard Mileage Rate will go up from 58 cents pe rmile to 62.5 cents per mile. To use the Standard Mileage Rate, taxpayers must choose this method over the Actual Expenses deduction in the first year a vehicle is owned and used in...
Can I deduct my car expenses in my business?
One of the most common questions I get every day from clients is about Auto Expenses - can we deduct them? How much can we deduct? Well, if you use your vehicle for business purposes then yes, you can deduct these expenses. You have a choice, you can either deduct the...
Owe the IRS Money? Avoid the resolution scams
The Internal Revenue Service today cautioned taxpayers with pending tax bills to contact the IRS directly and not go to unscrupulous tax companies that use local advertising and falsely claiming they can resolve unpaid taxes for pennies on the dollar. Remember, if it...
TAXES – a Most Feared Word
I had so much fun recording this podcast with Elba Cepeda. In our economy post pandemic lock downs, we are seeing a huge surge in new business growth. Employees leaving jobs and starting their own businesses. From gig workers offering their services to franchises are...
IRS announces 2022 Tax Scams – The Dirty Dozen
I spend most of my day advising business owners on how to find more tax deductions for their business so that they can keep more of their hard earned money. I am also very aware of IRS rules, regulations and choices that will result in IRS scrutiny. We stay away from...