If you’re a real estate agent, a small business owner, or self-employed contractor, you have two ways to put cash in your pocket. It’s a lot like football. You can focus on offensive strategy, or you can rely on defensive strengths to win games. To win enough to get to the championship, ultimately you need both. […]
Two ways to put cash in your pocket: Financial Offense and Defense Read More »
If you’re a real estate agent, or small business owner, or self-employed contractor, you may be missing a powerful tax deduction because your accountant is too conservative. Too conservative to take meals and entertainment write-offs that are totally legal and 100% compliant with the rules outlined in the IRS code. Here’s the basic rule.
How to Beat the IRS (Legally!) on Meals and Entertainment Write-Offs Read More »
If you own a small business, you probably operate either as a sole proprietor, or Single Member LLC. 85% of businesses do. But neither is the best way to structure your business if you’re looking to save on Self Employment tax. What’s Self employment tax? It’s just a fancy name for the medicare and social security
The #1 Strategy to Save $5,000 or more in Self Employment tax Read More »
This week I helped a realtor resolve a long-standing tax problem and get a fresh start. It’s a problem that began when the mortgage crisis hit in 2009-2010, and which has created financial, emotional, and relational torment ever since. Five years of tax returns were filed. And a fair, affordable monthly payment agreement was reached
Are those IRS “Fresh Start” Initiatives I hear advertised “for real”? Read More »
As home values steadily increase annually, more Millenials are realizing the American dream of home ownership. This also means millenial taxpayers can benefit from the Office in Home tax deduction. If you’re among the new property owners, I’ve got good news and bad news. The bad news? You now bear the burden of painting, plumbing
Home Sweet Home Can Bring Sweet Office in Home Tax Deduction Read More »
This morning I met with a client who’s hit a rough patch in life. A little over 3 years ago, painfully, suddenly, his marriage ended. Subsequently, his business suffered. His income plummeted, his legal fees skyrocketed, and his emotions fell through the floor. Over time, he’s been able to get back on his feet and
So… Which is Worse? Not Filing Taxes – or – Not Paying Them? Read More »
I see it every April 15th. Every year, without fail, I come across countless small business owners who end up paying thousands of dollars in taxes that they could have avoided if it wasn’t for these seven biggest tax mistakes small business owners make: Failing to plan. This is the biggest mistake of all. I don’t care
The 7 BIGGEST Tax Mistakes SMALL Business Owners Make Read More »
The Affordable Care Act (“ObamaCare”) will make filing your 2014 income tax return a whole new ball game from years past. Be prepared for the tax man to get even more personal this year — with questions about your health insurance. There’s a whole new set of IRS rules you’ll need to pay attention to.
What every Single Parent should know about the ObamaCare Tax Penalty Read More »
Did you hear the old joke about the taxpayer who called his accountant all stressed out because he just got a letter from the IRS? “I got an IRS letter! What the heck do they want now?” the taxpayer screams. “I’m not sure” his accountant replies. “Tell me exactly what the letter says.” “I don’t
What to do if you receive an IRS letter or notice Read More »
