In the middle of summer, comes an unusual announcement from the Internal Revenue Service (IRS). As good news from the IRS is scarce, we want to share it with you. What is the Good News? In a rare move, the IRS increased the tax deduction in mid-year for using a private vehicle for business. Typically, [...]
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Despite expertise in the field of endeavor, new small business owners make mistakes. It’s a learning process most of the time, and hopefully the mistakes are small, recoverable and not costly. However, because most business owners aren’t able to recover from basic mistakes in procedures, approaches or operating philosophy, many businesses don’t reach even the [...]
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By Jon Hosier I know it’s a weird title, but it got your attention right? So for 98% of the population (Well, those who pay taxes anyway.) we try to avoid being audited. A few years back I filed by hand and mailed it in. No double check and no software to tell me I [...]
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By Darcie Duttweiler Filing your taxes can be a big pain. While online tax software, such as TurboTax and H&R Block, can help you file your taxes with ease, it can still be helpful to learn key tax terms before sitting down to file. The most important tax phrases you need to know are explained [...]
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This week, I’m picking up where I left off last week which is using your bookkeeping to capture “mixed” travel expenses. Some travel expenses may be business and personal, I refer to these as mixed expenses. When it comes to mixed expenses, I always advise to pay for them personally. From an audit standpoint, it [...]
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Knowing how your daily activities can reduce your taxes is a great start to actually reducing your taxes. Once you’ve done this, it’s time to make sure the opportunities you’ve identified actually reduce your taxes and the best way to do this is with your bookkeeping. Bookkeeping is a fantastic and powerful tool when it [...]
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As I promised last week, this week I’m sharing a few more items that apply to both business owners and real estate investors. Here they are! #1 Check Your Vehicle The vehicle deduction is one of my favorite tax deductions because it has the ability to turn non-deductible personal expenses into legal tax deductions. This [...]
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