We are almost halfway through a very uncertain year. We hope that your business has been able to prosper in these trying times. With the year reaching it’s halfway point, we wanted to make sure you continue to think about your taxes year-round and how you can keep more money in your pocket. Here are […]
The Three Legal Trading Statuses with the IRS and how you could save thousands every year in taxes as an Investor.
As an investor or trader, there are three tax classifications that you will fall under. With the new tax code, your trading status with the IRS will dictate how you are taxed and more importantly, how much you will be taxed. Understanding what trading status you should have can be the difference in saving thousands […]
Due to the COVID-19 virus, the Treasury and the IRS are delaying the tax deadline for personal and single-member business taxes by 120 days. During the three- month deferral period, taxpayers will not be subject to interest and penalties. The 120 -day tax deadline delay will make the new due date for 2019’s Federal taxes, […]
As a small business or investor, every penny counts. Making sure that you are capitalizing on writing off your expenses, and maximizing your deductions will help ensure that you’re keeping as much of your money in your pocket as possible. Here are 5 tax hacks that will help your bottom line. 1. Utilize Expense Tracking […]
A popular misconception among business owners is that you can deduct 100% of your business meals and entertainment. Contrary to popular belief this is not the case. The tax cuts and jobs act eliminated all deductions for entertainment costs. Simply put, taking a prospective client to a basketball game is no longer tax-deductible under the […]
For most people, the IRS is the government agency that they want to work with the least. They want to take your money, they have many loopholes that could affect your financial situation, and an audit is the last thing anyone wants to go through. Just this month, a new law was enacted that will make working with […]
The Home Office Deduction can be extremely beneficial to help lower your total taxable income…. if you qualify for it.
Similar to the Bill of Rights we have as U.S. Citizens, we have a separate Bill of Rights as Taxpayers. Knowing your rights as a taxpayer can play a crucial role in any interaction with the IRS. Here are your rights as a taxpayer and how they can help you. 1. The Right to Be Informed Taxpayers have the right to know […]
If you have been through an audit, whether on personal or business, you know that it can be incredibly stressful and time-consuming. As small business owners, we all know that time is limited and time is money. Make sure that you are filing your taxes in a way that can help mitigate the chances of […]
What is an HSA An HSA is a government-regulated savings account that allows you to set aside income to cover health care costs that aren’t paid by your insurance. Health savings accounts are only available to people who have a qualifying, high-deductible insurance plan. HDIPs are defined differently from state to state, but generally, they […]