Blogs and Reference Materials

"Your Guide to Tax Changes in 2023"

December 19, 2023

Get a thorough overview of the significant tax changes in 2023.

 

"2023 Retirement Planning Guide for

One-Person Businesses"

November 01, 2023

You may find it convenient to download this useful desktop guide and store the PDF on your computer or mobile device for quick access.

 

"How To maximize Deducting Travel Expenses: Your Ultimate Guide for Car, Train, Plane, and Boat Trip"

October 10, 2023

Say you are going to travel from your home in Washington, D.C., to San Francisco for business. Will the tax law allow you to travel to San Francisco by car, train, plane, or boat, your choice?

 

"Watch Out! How a Failed Mileage Log Can Cost You Mileage Deductions"

July 27, 2023

A failed mileage log, characterized by an incomplete or inaccurate record, can have serious repercussions, resulting in the negation of mileage deductions.

 

"12 Essential Answers for Proving Business Travel Expenses"

July 25, 2023

Corporation or proprietorship? ..........................................

 

"Here are the answers to five common inquiries about Section 105 Medical Plans."

July 20, 2023

Here are the answers to five common inquiries about Section 105 Medical Plansincluding their exemption from the Affordable Care Act..........................................

 

"Here are five essential points to consider when considering the employment of your spouse."

July 18, 2023

Employing your spouse as a staff member in your business presents significant tax-saving advantages. Here are five essential points to consider when considering the employment of your spouse..........................................

 

"Corporate Owners and Employees may be able to benefit from Office in Home Deduction"

July 07, 2023

Do you operate your business as a corporation? If yes, are you an employee of the corporation?........................................

 

"IRS: Tax Credits are Available for Newly Purchased Electric Vehicles made in 2022 or earlier."

May 02, 2023

In case you purchased a new plug-in electric vehicle (EV) that meets the criteria in 2022 or earlier, you could be eligible for a clean vehicle tax credit that can reach up to $7,500, as stated in Section 30D of the Internal Revenue Code........................................

 

"2022 Tax Facts"

December 22, 2022

As the new year approaches, it's important to start thinking about your tax strategy for 2022. Here are 2022 tax facts you need to know to help you plan ahead and make the most of your tax return.......................................

 

"What You Need to Know About Spousal IRA's"

August 11, 2022

You may have joined the Great Resignation, maybe temporarily or maybe for good......................................

 

"I Bonds Opportunities To Earn

9.62 Percent Tax-Deferred"

August 9, 2022

Through October 2022, you can buy Series I bonds that pay 9.62 percent interest......................................

 

"Tax Credits of up to $26,000 Per Employee, Claim NOW Your 2020 & 2021 Employee Retention Credit (ERC), Before You Lose It"

August 4, 2022

With the ERC, you found (or could find) tax credits of up to $26,000 per employee. That’s a lot. With 10 employees, that’s $260,000.....................................

 

"Quick & Dirty Guide to Self-Employment

Tax Issues and Savings"

July 21, 2022

Are you considering joining the Great Resignation and becoming self-employed to be in charge of yourself?....................................

 

"The New 62.5 Cents Mileage

Rate – How to Deal with it"

July 19, 2022

The IRS noticed that average gas prices across the United States exceeded $5.00 a gallon and took action....................................

 

"How To Cut Employment Taxes With

The S Corporation"

July 14, 2022

It gets to the point where enough is enough. As the owner of an unincorporated small business....................................

 

"How to Take a Health Deduction as a Solo Owner-Employee of a C Corporation"

July 12, 2022

I found something exciting in How to Beat the Absurd New IRS Rule on Taxable Reimbursements of Employee Health Insurance. ....................................

 

"Beware of the Hidden Tax When You're a C Corporation"

July 5, 2022

You’re pleased with the 21 percent corporate tax rate ....................................

 

"Tax Tips To Save On Vacation And Second Home Ownership"

June 28, 2022

If you own a second home, you have tax strategies to consider....................................

 

"Self-Directed IRA's For Real Estate? The Answers Might Surprise You (Part 2)"

June 23, 2022

As you know from that article, the self-directed IRA for real estate faces a wall of regulations. And from a practical standpoint....................................

 

"Self-Directed IRA's For Real Estate? The Answers Might Surprise You (Part 1)"

June 21, 2022

With the stock market tanking and real estate skyrocketing, is this the time to invest in real estate through your IRA, Roth IRA, or SEP-IRA?....................................

 

"You Can Increase Your Tax Deductions Using the Business-Mileage Rule"

June 16, 2022

Please clarify how to properly record commuting mileage, especially if you do other trips before and after stopping at your regular office.............................

 

"How Does the Starbucks Gift Cards for Business Promotion works?"

June 9, 2022

Making gifts to promote your business is complicated.............................

 

"What The IRS Needs To Know If You've Got Bitcoin, Litecoin, Ripple, Or Any Other Crypto"

June 7, 2022

The IRS really wants to know about your bitcoins and other crypto..........

 

"Is Now the Time to Transfer Your Home to Your Adult Children?"

May 19, 2022

Your adult child wants to buy a home in today’s overheated market.........

 

"Are You Thinking About Selling Your Highly Appreciated Vacation Home? What About
Taxes?"

May 17, 2022

With many real estate markets still surging, especially in sought-after places, you may be thinking about selling a vacation home that’s gone way up in value. .......

 

"Donor-Advised Funds: A Tax Planning Tool for Church and Charity Donations"

May 12, 2022

Do you give money to your church? , Do you get a tax benefit from those donations? How about your donations to other charities? .......

 

"80% of my internet and phone bill as a deduction? Can you ever qualify for 100%?"

May 10, 2022

During an audit, the IRS allowed only 80 percent of my internet and phone bill as a deduction.......

 

"How To Maximize The Home-Office Deduction If You Operate As A Corporation"

May 5, 2022

What does the IRS audit manual say about the home office for an individual who operates his or her business as a corporation?.......

 

"$75 Receipt Rule for Business Vehicles: What Every Business Owner Should Know"

May 3, 2022

My tax preparer says there is no such thing as a $75 rule for receipts on vehicle expenses.......

 

"Do You Have More Than One Business? You Need To Consider This Tax Strategy for Owners of Multiple Businesses"

April 26, 2022

When you own more than one business, you need to consider the grouping rules that apply for passive-loss purposes. ......

 

"Health Savings Accounts- An Efficient Tool For Health Costs Before and During Retirement"

April 21, 2022

Looking to save for retirement?The first account you should open and fund is not an IRA (regular or Roth) or 401(k)......

 

"College Is Expensive: Good News Taxpayers! Here Is The Tax Code That Contains Some Help, Then Here is an Easy to Understand Guide"

April 19, 2022

College is expensive. Paying for your college-bound child’s tuition may be one of your most significant expenses.........

 

"It's Tax Filing Season: Taxpayers How to Mail Correctly to Avoid IRS Trouble"

April 14, 2022

During your taxable life, you need to mail various documents to the IRS. You likely find the idea of taking a trip to the post office distasteful because you can suffer long lines and unhelpful postal people........

 

"Payroll Tax Nightmare No More! Now You Can Avoid Expensive Payroll Penalties"

April 12, 2022

Do not work for or deal with taxpayers who do not remit the payroll taxes to the government. What happened to Mr. Kazmi could happen to you.......

 

"Which retirement plan is best for you? SEP IRA OR Solo 401(k)? We made a comparison

for you!"

April 7, 2022

Here’s how: with both the SEP IRA and the solo 401(k) retirement plans, your investment in your tax-favored retirement.......................

 

"Many employers are struggling to hire and retainemployees during the COVID-19 pandemic, Heres the proven way to help keep good employees"

March 22, 2022

Many employers are struggling to hire and retain employees during the COVID-19 pandemic and the resulting “great resignation.........

 

"You don’t have to suffer self-rental rules, Avoid the Self-Rental Trap"

March 17, 2022

Let’s say you own the building. Now, let’s say that you rent this building to your business. With no tax planning, you have a self-rental...................................

 

"Roth IRAs for kids are a great retirement tool, Sharing The Benefits of Starting an IRA for Your Child"

March 15, 2022

Working at a tender age is an American tradition. What isn’t so traditional is the notion of kids contributing to their own IRA, especially a Roth IRA..........

 

"Do you have a Beach Home that you rent out? What’s Best for You: Schedule C or E?"

March 10, 2022

If you show a tax loss on your rental property, Schedule C is a great choice because......

 

"Good News! Tax Payers! New Hope for Restoring and Fixing the Employee Retention Credit"

March 8, 2022

As you may remember, two bad things happened to the Employee Retention Credit..................

 

"Classification of Workers: Could Section 530 Come to the Rescue?"

February 17, 2022

Are you living every small business owner’s worst nightmare: an IRS audit? Okay, that’s bad. But even worse, suppose the IRS asserts that many of your 1099 independent contractors are W2 employees. Now you owe tens of thousands of dollars in unpaid payroll taxes!

 

"Don’t Rob Yourself! Learn on how to deduct the cost of your home internet"

February 10, 2022

You will learn how to deduct the cost of your home internet. The rules that apply to the home internet also apply to all the other expenses incurred while working at home, regardless of whether you claim the home office deduction.

 

"10 Tax Strategies for S Corporations: What, How, Where"

February 8, 2022

We provide you with 10 tax-saving strategies that will save you big money. We then show you how the strategies work for you and your corporation and where to record them on your 1120S. 

 

"Take advantage of new increased deduction for business meals"

February 3, 2022

You know that we try to find multiple ways for you to legally deduct 100 percent of your business meal expenses versus the typical 50 percent.

 

"Tired of being restricted to plain-vanilla investments in your IRA such as stocks, bonds, and mutual funds? If you want to walk on the wild side and invest your retirement money in assets such as real estate or cryptocurrency, a self-directed IRA could be for you."

January 7, 2022

As far as the IRS is concerned, you can invest in anything through an IRA (or SEP-IRA or SIMPLE IRA) other than collectibles such as art and antiques, life insurance, and S corporation stock.

 

"How much can a recovery startup get with the ERC? Will my businesses qualify for the recovery start-up business ERC?"

January 5, 2022

Henry and Heide own an S corporation 50-50. For more than five years, the corporation has operated a successful $10 million-a-year restaurant.

 

 

"Did you hire employees? Did you know you may qualify for credits to offset the costs?"

December 30, 2021

Tax Credits for Schedule C Business Owners with Employees, Congress encourages businesses to hire employees and provide them with various benefits. If you hire an employee for your Schedule C business, you can qualify for several valuable tax credits............

 

 

"Have you ever been told by an auditor or accountant that not issuing A 1099 to a vendor means no deduction on your tax return? Does it sound unfair that neglecting this filing requirement costed you big $$ on your tax bill?"

December 27, 2021

I didn’t issue Form 1099s to my contractors in 2017. The IRS is auditing my 2017 Schedule C, and the auditor said I can’t deduct the contractor payments because I didn’t issue Form 1099s.

...........

 

 

"IRS Key Contact Information and Helpful Links"

December 23, 2021

Advanced Child Tax Credit Payments

800-908-4184

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

 

 

"Avoid This Husband-and-Wife LLC Mistake"

December 21, 2021

My wife and I currently have a flow-through LLC in which we are both members. My wife is the real estate sales professional. Her broker pays the LLC and gives her a 1099 at the end of the year.............

 

"10 Tax Strategies for Schedule C Taxpayers: What, How, and Where"

December 16, 2021

With the resource in this article, we go one step further—we show you where in the tax return you should record these tax breaks.we provide you with 10 tax-saving strategies that put money in your pocket. We then show you how these strategies work for you and where to record them on your Schedule C.........

 

"Trust But Verify When It Comes To Financial Advice"

December 15, 2021

While doing my daily reading one recent morning I came across an article on my news feed by the folks at Rich Dad, Poor Dad. For those who may not be aware that is an organization that grew out of a financial planning book by Robert Kiyosaki........

 

"IRS unveils new online identity verification process for accessing self-help tools"

November 30, 2021

WASHINGTON — The Internal Revenue Service today announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications............ 

 

"IRS History Timeline"

November 18, 2021

1765-1776 (Taxes and Revolution)

Taxation without representation was the seed of the American Revolution. Colonists rebelled against Britain’s punitive taxes because they had no voice in parliament. On July 4, 1776......

 

"Unusual & Unique Taxes Throughout History"

November 11, 2021

A Tax is a compulsory financial charge or some other type of levy imposed on a taxpayer, Throughout history, There have been various strange, unusual, and weird taxes, So Here are some strange, unusual, and weird taxes.

 

Urine tax. this tax was introduced in Ancient Rome. Back then, human urine was viewed as a valuable commodity..........

 

"It's Year-End Tax Planning Season Again"

November 2, 2021

2021 Last-Minute Year-End General Business Income Tax Deductions, The purpose of this article is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes..........

 

"Paying for College Tax-Saving Tip"

October 28, 2021

Taxation of 529 College Savings Account Withdrawals, The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may not know is that not all 529 withdrawals are tax-free qualified withdrawals, even in years when you have heavy college costs. Here are six important points to know about 529 withdrawals.............

 

"New proposal in some recent legislation that would require banks to report  transactions over $600 to the IRS"

October 15, 2021

There’s new legislation that’s brewing, however we do know that this one item that keeps coming Up and this is a very hotly debated topic here, this new proposed reporting requirement of $600. One thing is IRS is trying to do is expand the reporting so as it is now the IRS they can get their information from your bank account, the other but they don’t have it reported to them every day in the same way that let's say a “W2” or “1099” form that’s communicated to them. So, we’re starting to see a lot of debate......