Educating Business Owners about Tax Deductions.
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...
Understand deductible start up costs for your new business
During this time of Great Resignation, we are getting a lot of calls from taxpayers who are starting new businesses. Start up costs have some unusual tax deduction strategies. Please know what you can and cannot deduct before incurring expenses only to find out there...
Memorial Day Weekend – Dont forget your RECEIPTS
Memorial Day for me is the official start of summer. I feel happier, lighter and more free. I do also notice that my email box has been lighter the last two weeks which leads me to believe that many of you have started your summer work hours also. We switch to 4 day...
IRS increases interest rates again
Hello there taxpayers Good news and bad news - The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The rates will be: 5% for overpayments (4% in the case of a corporation). 2.5% for the...
What is “Per Diem” for business tax deductions?
I often get asked by taxpayers - "Is it better to use Per Diem rates for business travel deductions?" and with all things business and taxes, my answer is, "it depends". Per diem refers to a fixed daily allowance the IRS allows to a taxpayer for business travel. The...
Income Tax Payment Plans do not affect your credit score
True! If you are on a payment plan with the IRS, this will not affect your credit score. There are millions and millions of Americans on payment plans with the IRS. Now I must say, if you can avoid a payment plan and pay your taxes timely, that is ofcourse the very...