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 […]
Category Archives: Income Tax
Three Steps To Take So You Won’t Miss Out on Meals and Entertainment Deductions
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 Simple Steps to Take to Maximize Your Auto Expense Deduction
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 Key Questions To Ask When You Select a Tax Accountant
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 […]
The Home Office: Your Key to Saving $5,000 or More in Taxes Every 5 Years
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 […]
Do you fear an IRS Audit?
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 […]
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 […]
Two ways to put cash in your pocket: Financial Offense and Defense
If you’re a real estate agent, a small business owner, or self-employed contractor, you have two ways to put cash in your pocket. It’s a lot like football. You can focus on offensive strategy, or you can rely on defensive strengths to win games. To win enough to get to the championship, ultimately you need both. […]
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. […]
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 […]