Educating Business Owners about Tax Deductions.
Tax deductible student loan payments – for your employees
The timing couldn't be worse for employees facing student loan payments again. Before you lose employees who are looking for jobs paying them more money, be aware that you can pay up to $5,250 per employee per year towards their student loan obligations and this money...
IRS unable to locate millions of tax records
Wow, did you see this article in the press? The IRS his unable to locate millions of tax records! Frightening! The agency said underfunding forced it to redirect employees responsible for inventories to other jobs. As part of a review of the IRS’ mandatory storage of...
The 2022 S Corp and Partnership Tax Return filing deadline is in 30 days
For those of you who filed an extension in March of this year for your S Corporation, multi member LLC or partnership return, the time has come to get that return filed by September 15, 30 days from now. Have you cleaned up and completed your 2022 bookkeeping? Is your...
Which accounting software is best for taxes?
Keeping track of your income and your expenses as well as keeping your receipts is critical for every step of your tax minimization journey. For us to be effective and efficient as advisors, we need a trail of numbers. Every single number counts. So, accounting...
Energy Efficient Home Renovations – Get your Tax Credits!
Renovating your home? Please make sure you consider the various energy home fficiency tax credits available to you. The Inflation Reduction Act of 2022 created several clean energy credits for your home. The credit amount is equal to 30 percent of the total amount...
I can’t pay my taxes – what should I do?
Taxes for 2022 were due in April of 2023 but you didn't have the cash to pay then and you don't have the cash to pay now. What to do? Hiding under your blankets and ignoring the IRS notices is definitely NOT the solution. The IRS does not like to be ignored. According...
Tax Deductions Every Business Owner Should Know
What I am about to share with you will save you a LOT of cash, headaches and frustrations. You can leverage our tax code to dramatically reduce your tax bill. Clients pay me to find strategies for their business that will allow them to minimize their taxes. My 3...
IRS confirms today they will not send agents to your door
I have not seen an IRS agent show up at a clients door in almost twenty five years however today the IRS officially announced that they will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety...
IRS warns of a news scam coming to you in the mail – be careful
The Internal Revenue Service warned taxpayers today to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund. Eeeek! The new scheme involves a mailing coming in a cardboard envelope from a delivery service. The...
Business owners continue to leave California to avoid taxes
People, especially business owners are still moving States to save tax dollars and improve their lifestyle. I moved from California to Florida in 2021 and that saved me 13% in income tax PLUS the cost of housing and gas are less than half what I had paid in...