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 […]
How to Deduct Medical Costs as Business Expenses Read More »
Unless you have substantial out of pocket costs, IRS rules make it very difficult to deduct your medical expenses. The reason: If you itemize your deductions, you can deduct your family’s medical costs, but only if those costs exceed 10% of your adjusted gross income. Example: your adjusted gross income is $50,000. You must spend
HSA’s: How You Can Deduct 100% of Your Out-of-Pocket Medical Expenses Read More »
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
Which business vehicle or truck can give you the fastest write-off? Read More »
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
Own or Lease – What’s the best way to go? 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 »
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
Are You Making the Most of Business Equipment Purchases? Read More »
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
How to Audit Proof Your Business and Your Tax Return 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 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
Here’s How to Avoid Self Employment Tax. Legally. 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 »
