Pre-tax dollars and After-tax dollars. Which is better?

Ultimately, there are two kinds of dollars in this world. Pre-tax dollars, and after-tax dollars. Pre-tax dollars are great. And after-tax dollars aren’t bad. But they’re not as good as pre-tax  dollars. In fact, you lose every time you spend after-tax dollars . . . that could have been pre-tax dollars. (Huh? What?…) Let’s take a […]

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. […]

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”. […]

The #1 Strategy to Save $5,000 or more in Self Employment tax

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 […]

Home Sweet Home Can Bring Sweet Office in Home Tax Deduction

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 […]

How to Deduct Medical Costs as Business Expenses

It’s not easy to deduct medical costs on your tax return. In fact, unless your medical expenses are 10% os your Adjusted Gross Income, you can’t itemize them on your Form 1040. I explain one tax strategy Here, which many taxpayers can use to pay for out of pocket medical costs with pre-tax dollars. But […]