During tax season a very common opportunity often missed comes from understanding how you use your cars as a tax deduction on your tax return. It is very common for people who have a schedule C sole proprietor business to claim their mileage on automobiles, but the privilege of using personal deductions on a tax […]
I’m trying to improve myself as an advisor every day, and I was thinking about my current yesterday while having a conversation with my better half and they asked me, “How do you think they feel about the accounts they aren’t managing with you?” That really set me back and I actually lost sleep, so […]
Tax Season is just starting, but the folks that are coming into our offices remind me to remind everyone of a few good housekeeping tips that will make the season easy to deal with from the taxpayer’s perspective, and successful in not overpaying income tax due to lack of having proper documentation of legal deductions.
Our tax office is of course in the same business as H&R Block; but then again we are not, and when someone in our industry really does something well, there isn’t a Golden Globe awards show to give them a trophy or congratulations. So, here is one from us….good message H&R! The message is simple […]
As I read today’s headline about another scandal at the IRS, I ponder why more business owners don’t do proactive tax planning with equal enthusiasm as the IRS seems to have for squeezing every last nickel that they can from them. Never mind the ACA putting huge financial requirements for employers of a larger size in […]
Every year all around America almost every tax preparer asks the question, “Do you have charitable deductions like donations?” The answer is often, “yes 500.00 at Goodwill, Salvation Army and others.” That answer although widely excepted is not defensible at audit. This is how you should think and act now around your charitable gifting. Cash […]
Business owners often come to us for ideas on how to cut their taxes and at some point in the conversation, it almost always is asked, “Hey can’t I deduct my life insurance premium?” Over the years, the IRS has had several rulings that make the deduction of premiums less transparent, more difficult. They might […]
Well, phantom income generally is the deposits of a company were accurately reported, because those people get sent 1099s from their jobs. They deposit money in their checking account. It’s not hard to track the income of a company from deposits and tax records that are mailed to them by the people that pay them so that […]