Educating Business Owners about Tax Deductions.
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,...
Are you paying your children from your business ? Dont miss this valuable tax strategy.
One of the oldest and least discussed tax strategies is to pay your children from your business. As we all know, having children is expensive! From the basics like food, clothing and healthcare to the sports, classes and parties, childrens care runs in the thousands....
Managing the costs of your online business – Your Techstack
Having grown my business online since 2018, I have noticed how very quickly the costs stack up. No rent and no parking expenses but wow, my online dues and subscription services sure have increased. To be as profitable as possible, we want to keep our overheads and...
Do you recommend a local tax preparer or someone remote?
The world of service providers has definitely expanded over the years as we have all become comfortable working over platforms like zoom. CPA's and tax preparers are able to work with clients worldwide. I personally have been working with clients nationwide since...
Are you planning your summer vacation? What can you afford? Is it tax deductible?
I am planning our summer vacation. Have you planned yours? Do you know what you can afford? For many years, we planned a vacation, paid all the expenses on a credit card and then spent months paying off those expenses. We enjoyed our vacations but there was always an...
Offering discounts to generate more sales? STOP!
I know that offering discounts SEEMS like a great way to grow your sales and put money in the bank BUT let me share some hard numbers with you BEFORE you give away your profits: If your margin on your product or service is 50% and you offer a 10% discount on your...