business deductions Archives - Anchor Accounting & 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 […]

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Three Key Questions To Ask When You Select a Tax Accountant

Income Tax, Small Business

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

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The Home Office: Your Key to Saving $5,000 or More in Taxes Every 5 Years

Income Tax, Small Business

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

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How to Beat the IRS (Legally!) on Meals and Entertainment Write-Offs

Income Tax, Small Business

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.

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How to Deduct Medical Costs as Business Expenses

Small Business

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

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