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 …
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. …
Two ways to put cash in your pocket: Financial Offense and Defense Read More »
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. …
How to Beat the IRS (Legally!) on Meals and Entertainment Write-Offs Read More »
