Business Expenses
TIS THE SEASON TO DO TAX PLANNING TAKE ALL THE LEGITIMATE BUSINESS EXPENSES YOU CAN Some might say that the list of potential business expenses is limited only to what the mind can perceive. That would be a big stretch. Believe it or not, the IRS knows your business better than you do. […]
Who’s Afraid of the Big Bad Wolf?
I just attended an intensive training program on dealing with the IRS. One of the instructors, at prominent tax lawyer, said that, based on his experience, about 15% of the U.S. population becomes functionally illiterate when they receive an IRS letter. Another 5 – 10% breaks out in a cold sweat and many are afraid […]
So You Want To Go Into Business – How To Decide What To Do
SO YOU WANT TO GO INTO BUSINESS – HOW TO DECIDE WHAT TO DO Someone posted the following question the other day. “How do I decide what business to go into?” For many of you considering going into business the answer will seem obvious. Do what you love and have experience in. Or maybe you […]
So Far, So Good!
So Far, So Good! Have you heard the one about a man who jumped out off the 20th floor of a building? As he was falling past the 10th floor, someone yelled out to him, “How’s it going?” He replied “so far, so good.” A few days ago I just had a conversation with […]
Office in Home expense
Have you ever heard anyone, including your tax professional say, “don’t take the home office deduction because it is a red flag to the IRS?” Several years ago there was a lot of emphasis by the IRS on the Office in Home (OIH) deduction and it scared a lot of taxpayers from taking it. IRS […]
Income and self employment taxes for small businesses
Small business taxes Federal taxes: income and self employment taxes Impact on personal income tax. When you own and operate your own business, in almost all cases [the exception is a C Corporation], the income or (loss) from the business passes through to your individual income tax return (Form 1040). Business income increases the […]
Your Business and Taxes
Success or failure of a business requires good recordkeeping and tax planning. Taxes can take 25% or more of your business income, so dealing with them is essential. Consider adding a tax professional to your team of advisers. I know this is not a subject most of you like to talk or even hear about. […]