Hire Your Children and Save a Bundle on Taxes

If your children go to private school, is their tuition tax deductible? The answer is no. If your teenager goes to summer camp, would the cost be deductible? Again, the answer is no. If you were to pay for your daughter’s college or wedding expenses, would you be able to write-off these costs on your […]

Three Steps To Take So You Won’t Miss Out on Meals and Entertainment Deductions

Real estate agents and self-employed individuals miss out on thousands of dollars in meals and entertainment deductions because their record-keeping has holes in it, or their accountant is too conservative and hesitates to take legitimate deductions. Here’s three simple steps to take to maximize your legal deductions in this area. 1. Respect the IRS–don’t fear […]

Three Key Questions To Ask When You Select a Tax Accountant

Are you satisfied with the taxes you’re paying? Confident you’re taking every possible deduction on your tax return? If your answer is ‘no’, it may be time to select a new tax preparer. Here’s 3 key questions to ask in choosing your next accountant. 1. What kinds of clients do you work with? You’ll benefit […]

Do you fear an IRS Audit?

The second biggest tax mistake you can make is fearing, rather than respecting the IRS. Do you fear an IRS audit? Do you suffer from “audit paranoia”? Yesterday I sat down with a potential new client and reviewed last year’s tax return. OMG. She had paid really big bucks to a really big out of town […]

LLC business structure

Here’s 3 Reasons Why Most Attorneys are So Quick to Recommend Limited Liability Company (LLC) Entity Structure

Most attorneys recommend a Limited Liability Company (LLC) business structure to their clients because: LLCs are relatively simple for you to operate, especially compared to all the red tape involved with operating as a corporation An LLC significantly limits your legal liability and protects your personal assets from business clients, prospects, and the public at […]

Do you need to make Quarterly Estimated Tax Payments in 2016?

Here’s the What, Who, When, Why and How of whether you need to make Quarterly Estimated Tax Payments in 2016 What is Estimated Tax? It’s the method used to pay tax on income that is not subject to withholdng. For example, if you receive self-employment or small business income, are paid on a 1099 basis, […]