by | Jan 19, 2016 | Accounting & Bookkeeping, Income Taxes, Small Business Owners
The tax law allows you to deduct travel and entertainment (T&E) related to your business. But the IRS doesn’t like it, and it is a top audit target of IRS examiners. Your best defense is understanding the rules and gathering all the necessary...
by | Jan 6, 2016 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Tax Tip of The Week
It is not just individuals and households that have been feeling the pinch as of late – governments everywhere have too. In their efforts to deal with unprecedented budget deficits, they have recently done everything from closing tax loopholes to encouraging tax...
by | Dec 4, 2015 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Tax Tip of The Week
Many wage-earning taxpayers with children believe that since they are not in business or don’t own rental properties, their tax-planning opportunities are limited. While they don’t have anywhere near as many options, there are still a number of strategies that...
by | Dec 3, 2015 | Accounting & Bookkeeping, Income Taxes, Small Business Owners, Small Business Success Series
Real estate has long been a popular investment. Rental properties, in particular, can be a source of income and has many income tax benefits. In particular, real estate can provide a tax-deferred income stream due to the deduction of a non-cash expense...
by | Dec 1, 2015 | Accounting & Bookkeeping, Income Taxes, Small Business Owners, Small Business Success Series
One thing my 30+ years of preparing taxes for business owners has taught me is that some business owners legally pay less in taxes than other business owners who make the same amount. I call these my Smart Business Owners. Let’s see what these guys do...
by | Nov 19, 2015 | Accounting & Bookkeeping, Cash Flow, Cost Cutting, Income Taxes, Sales & Marketing, Small Business Owners, Small Business Success Series
Why Does Tax Planning Work? Tax planning works because the business owner learns to appreciate that the tax law affects every aspect of their life and then learns how to plan their finances in a way that minimizes their tax liability. When I say the income tax code...
