Educating Business Owners about Tax Deductions.

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...

Well it seems that no one is immune from the stress and anxiety in raised gas prices. Even those who are driving electric vehicles realize that when gas prices go up, so does everything else. The inflation wheel! Talking about electric vehicles - is now the time to...

I get a lot of calls from business owners who set up an LLC for their business. Why an LLC? Perhaps they read about it online or an attorney recommended an LLC. For income tax purposes, an LLC is generally not a good choice. An LLC does not offer you any income tax...

Great news, the IRS is stepping into the world of CUSTOMER FIRST type service. As part of a longer-term effort to improve taxpayer service, the IRS has officially established the first-ever Taxpayer Experience Office and will soon begin taking additional steps to...

It is without a doubt healthier and cheaper to cook at home. So my experiment of going to the grocery store every day and buying only what I need for that day worked like a charm this week. We spent less, wasted less and are healthier! I know that you are going to say...

On March 1st, the IRS issued a reminder to all Gig Workers: Gig economy earnings are taxable The gig economy is activity where people earn income providing on-demand work, services or goods. Often, it's through a digital platform like an app or website. Taxpayers must...