Educating Business Owners about Tax Deductions.

Hi there taxpayers One of the myths I often hear about is the misconception that Like Kind Exchanges apply when you sell your home and buy a new one within 180 days so no capital gains tax is due. This is completely untrue! There is IRS code 1031 does allow for the...

Good morning taxpayers and welcome to another Friday being MONEY DAY. It seems to me that life just keeps happening to us all. This week my husband was in agony with a sore tooth. After two dental appointments, we find he needs to have a tooth removed and an implant....

Today I wanted to write about the onslaught of calls I have been getting from clients who listen to a podcast that presents some amazing tax plans to avoid paying taxes. I always welcome ideas and discussions about tax and cash flow strategies, bring it on and let's...

Who, how and how much continue to be questions regarding deducting your Home Office. You will find a worksheet that will help with many of the details as a free download on my website at www.wendybarlin.com. Employees cannot deduct their home office period. The law...

How did you do managing your money this week? I look back at how I spent my money this week and then what to expect for next week. Gas was more for sure. I filled my car and paid $78. That hurt!  I had a plumbing issue at my house and that hurt too. So this weekend...

Business owners, sadly, a comprehensive list does not exist.  The IRS does not provide a complete list of expenses that are deductible for businesses. Instead, Internal Revenue Code 162(a) states that a deductible business expense is any expense that is both ordinary...

Have you see the virtual currency question at the top of your personal tax return for 2021?  It asks: "At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?" All taxpayers must check one box...

I hear a lot about the bartering of services in the online space. You build a website for me and I do your bookkeeping for six months. No money exchanges hands so no taxable income or expenses. Wrong! The IRS says the fair market value of goods or services received...

Yes, you need a separate bank account for your business. I highly recommend having a bank account solely for depositing business earnings and paying business bills. This is separate from your personal bank account. Don't pay personal expenses from your business bank...

The only tax deduction that can happen after December 31st of the year, is the good old faithful IRA. You can fund your IRA anytime before you file your tax return and if you go on extension, you have until the extension due date or your filing, whichever comes first...