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 […]

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 […]

Own or Lease – What’s the best way to go?

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 […]

How to Audit Proof Your Business and Your Tax Return

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 […]

Here’s How to Avoid Self Employment Tax. Legally.

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 […]

What’s the Difference Between Intention and Commitment?

Intention. Commitment. Two words that appear to have similar meanings, but the difference between them is miles apart. Let me explain. Back in the days when my family was young, and I was still in my 30s, I would go out and run early in the mornings before work. At various times I got the distance […]