Educating Business Owners about Tax Deductions.
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...
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...