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 […]
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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.
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 […]