For every $1 you bring in… how much do you pay out in tax? (ie., what is your income tax rate)

A few weeks ago I ran a survey on my Facebook page asking whether your income tax rate has gone up, gone down, or stayed about the same over the years. The answers astounded me. Clearly most people think tax rates have gone UP. Some believe they’ve stayed about the SAME. But only one respondent believed …

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How to Beat the IRS (Legally!) on Meals and Entertainment Write-Offs

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. …

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What business expenses are deductible, and what’s not?

Knowing what expenses you can write-off in your small business can make a huge difference on your tax bill. Whether you’re a real estate agent, freelancer, retail shop owner, or work-from-home mom–it pays to know what business expenses are deductible, and what’s not. Owning a small business is what I call the “#1 tax shelter for the little guy”. …

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Are those IRS “Fresh Start” Initiatives I hear advertised “for real”?

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 »