Which business vehicle or truck can give you the fastest write-off?

It’s year end, your business prospered during the year, and you’re looking for tax write-offs to help reduce Uncle Sam’s tax bite on your income tax return. Your accountant suggests you buy a new business vehicle. (Your car dealer agrees!) But which vehicle or truck should you buy to get the fastest write-off? Here are […]

Own or Lease – What’s the best way to go?

I’m often asked what’s the best way to go when it comes to your business vehicle. Is it best for you to own or lease? Many self employed taxpayers reason that since lease terms are often shorter — and lease payments higher than monthly loan payments — they can write off the entire lease payment […]

Are You Making the Most of Business Equipment Purchases?

Did you know that if you buy a new computer (new office furniture, new copier, etc) for your business between now and Dec 31st, you can deduct the whole purchase price on this year’s tax return? One of the big tax mistakes business owners make is not taking full advantages of the tax laws as […]

How to Audit Proof Your Business and Your Tax Return

Is it really possible to “audit proof” your tax return? In other words, can prepare your tax return in such a way that your audit risk is zero? Of course not. But there are certainly steps you can take to minimize your risk. Here’s three of them: Stop treating accounting as a once-a-year event in […]

The 7 BIGGEST Tax Mistakes SMALL Business Owners Make

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 […]

Here’s How to Avoid Self Employment Tax. Legally.

The IRS can take a big tax bite out of your small business bank account if you don’t pay attention to “Self Employment tax”. What is it? Self employment tax is how Uncle Sam collects Social Security and Medicare money from those who don’t have an employer deducting it from your paycheck. It’s included as […]

What’s the Difference Between Intention and Commitment?

Intention. Commitment. Two words that appear to have similar meanings, but the difference between them is miles apart. Let me explain. Back in the days when my family was young, and I was still in my 30s, I would go out and run early in the mornings before work. At various times I got the distance […]

What to do if you receive an IRS letter or notice

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 […]