When planning ahead, or just engaging in their day to day operations, most business owners at least occasionally think about tax deductions. A business dinner that can be partially deductible, or a new machine that can be depreciated. However, they often don’t think about or plan how to acquire other tax credits, which can often [...]
It’s hard to be logical all the time about everything. The most financially successful tax clients we serve at least attempt to force themselves to be logical, for their own benefit. For instance, our parents, as well as a subset of the economy including some popular radio show based advisors like Dave Ramsey, say you [...]
Many times business owners have come into our office and with our help have found that they were doing things incorrectly regarding their bookkeeping and taxes. Occasionally, the errors add to the tax burdens that they have been under-reporting. That never feels good, but it is always better to fix those issues prior to any [...]
When people are contemplating selling an asset like a house, an investment property, stock or a business asset, it’s usually to make a profit or to raise cash. Sometimes, a house is sold in order to buy bigger (or smaller), to move to a different town to take a new job. In the case of [...]
Tax Planning is a constant stream of adaptation to the new rules that the government and IRS come up with annually. One year we have a tax credit for new windows, the next year it goes away, but a new credit for heat pumps is added. The only constant is change. Occasionally, policies that are [...]
People often struggle with record keeping and are typically so busy that they are simply unaware of tools or services that have been developed that could greatly improve the recording of tax deductible expenses, mileage, etc. Many topics we could cover here, but two that are universal. If you are in business, you have a [...]
We use the term “tax planning” often, but we are aware that many people are not sure what it really is. Some people think “That means off shore accounts and citizenship shell games ending with jail time. No thank you!”. That’s not tax planning; that’s tax evasion, and it’s not at all what we recommend. [...]
The Washington Post reports the following and its breathtaking (not in a good way). The Internal Revenue Service on Thursday scrapped plans to close one of its three remaining tax processing centers amid a backlash over an unprecedented accumulation of unprocessed tax returns that threatens to derail the 2022 tax filing season. IRS leaders announced [...]
If you own any size business, now is the time to review your business return to make sure you are receiving the maximum allowable “QBI” deduction. The public and many preparers still don’t have their arms wrapped around how this deduction works and many mistakes are being made! Whether you file as a sole proprietor, [...]
People try, but “adulting” is hard! Kids, pets, job, relatives, friends, bills, medical problems, car problems, work problems all in the last day, so when I have time I will start tax planning. Same as….so when I have time I will start estate planning, it’s just so too far down on most peoples’ day to [...]