Got your kids on payroll yet? When you hire your under-age-18 child, you shift taxable income from you to your child. Why does hiring family members matter? Because if you’re single with taxable income of $40,526 or higher – or married with $81,050 or higher – you’re in the 22% (or higher!) federal tax bracket. …
Government Clarifies PPP Loan Forgiveness for Self Employed Taxpayers How much is clarity worth? A lot … a whole lot. And how much is making things easier worth? Of course, it’s a lot … a whole lot, too! We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) …
Government Clarifies PPP Loan Forgiveness for Self Employed Taxpayers Read More »
One of the most significant changes in the new tax law is the doubling of the Standard Deduction. If you file as a “Single” taxpayer, you can take a standard deduction of $12,000 in 2018, which is double what you could take on your 2017 tax return. If you are “Married Filing Jointly”, you can …
If your children go to private school, is their tuition tax deductible? The answer is no. If your teenager goes to summer camp, would the cost be deductible? Again, the answer is no. If you were to pay for your daughter’s college or wedding expenses, would you be able to write-off these costs on your …
Real estate agents and self-employed individuals miss out on thousands of dollars in meals and entertainment deductions because their record-keeping has holes in it, or their accountant is too conservative and hesitates to take legitimate deductions. Here’s three simple steps to take to maximize your legal deductions in this area. 1. Respect the IRS–don’t fear …
Three Steps To Take So You Won’t Miss Out on Meals and Entertainment Deductions Read More »
If you’re a small business owner or “1099 income” earner, you can save thousands in taxes you shouldn’t have to paying by simply taking these three steps to maximize your auto and truck deduction. 1. Be strategic about which auto, truck or SUV you purchase. When it comes to IRS rules on autos and trucks, …
Three Simple Steps to Take to Maximize Your Auto Expense Deduction Read More »
Are you satisfied with the taxes you’re paying? Confident you’re taking every possible deduction on your tax return? If your answer is ‘no’, it may be time to select a new tax preparer. Here’s 3 key questions to ask in choosing your next accountant. 1. What kinds of clients do you work with? You’ll benefit …
Three Key Questions To Ask When You Select a Tax Accountant Read More »
Realtors, self employed individuals and small business owners miss out on legal, legitimate tax deductions because their record-keeping has holes in it, or their tax preparer is too lazy and/or too conservative to take advantage of them. Not taking a deduction for your home office can cost you hundreds, even thousands of dollars a year …
The Home Office: Your Key to Saving $5,000 or More in Taxes Every 5 Years Read More »
The second biggest tax mistake you can make is fearing, rather than respecting the IRS. Do you fear an IRS audit? Do you suffer from “audit paranoia”? Yesterday I sat down with a potential new client and reviewed last year’s tax return. OMG. She had paid really big bucks to a really big out of town …
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 …
