Educating Business Owners about Tax Deductions.
What does “business purpose” mean as relates to business income tax deductions
Have you been assessed IRS penalties?
Have you received a nasty IRS notice with penalties assessed? Ugh, the worst! So yes, you may owe the tax due but no, you may be able to get out from under those penalties.The IRS offers a First Time Abatement. This abatement relates to penalties for failure to...
Whatis it worth to you to solve your problem NOW?
I finally made it in to see a podiatrist yesterday. I have pain in my right ankle and a bump on my achilles. The doctor suggested an MRI so that she could see exactly what the issue is. It could be scar tissue or it could be an active tear which would be bad. While I...
Do I have to pay tax on my side hustle income?
Yes! Net income, being your earned income minus your deductible expenses, is taxable when it exceeds $400. This often comes as a big surprise to my clients who have a side hustle especially when they have a high paying full time job as well. The side hustle net...
The IRS says $1.5Billion in tax refunds remain unclaimed
According to the IRS, $1.5 billion in refunds remain unclaimed. Wow, that is your money! If you have not yet filed your 2019 tax return, you have until July 17th to get that filed in order to claim your refund or else you lose it, gone. I know the idea of filing tax...
Estimated tax payments due this week – how much will you pay?
Estimated taxes are due June 15th. How much to pay? Hmnn well you can make a payment based on your prior year income taxes paid so that you avoid penalty OR you can be more aggressive, calculate what you actually owe for the quarter and make that payment. Which do you...
I have tax questions – where do I go for answers?
As with most serious matters like money and your health, I do not recommend turning to Google. I love Google and Alexa and Siri but they dont always have the answers appropriate for your specific question. The same applies to ChatGPT. Yes you will get an answer but...
It if officially summer travel time – make the most of your tax deductions
Once Memorial Day comes and goes each year, we are in the official summer travel zone. What plans do you have this summer? Have you discussed your travel plans with your tax advisor? If not, NOW is the time to do that. Before you travel! Business travel income tax...
Are you moving this summer?
Are you moving this summer? Exciting times! Please remember to update your mailing address with the IRS. The IRS will only contact you by mail. I know, you have mail forwarding on your current address. I did that also when I moved but it is not 100% accurate and...
Where is my refund?
It is May. Your tax return was timely filed and yet your tax refund has not yet arrived in your bank account. Hmnn. Now what? Before you call your tax advisor, to go the IRS website and click on Where's my Refund. The system will ask for your social security number,...