Educating Business Owners about Tax Deductions.
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...
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...