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The purpose of this article is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money—although in the right circumstances, that will happen. But in most cases, you’ll probably realize the cash when you pay less in taxes. This article gives you six […]

Remember Mel Practess, the attorney you met last month who came out ahead by using his wife’s car for business? Once Mel and Sharpe, his wife, started using both cars, they had 73.7 percent business use of each car.1 Before their agreement to switch cars every week, Mel drove one car and achieved 93.3 percent […]

Tax-favored Health Savings Accounts (HSAs) Are More Popular Than Ever One reason: when enacted, the Affordable Care Act (ACA) eliminated all two-or-more-employee, small-business health plans that reimbursed individually purchased health insurance. The alternatives chosen by most business owners with fewer than 50 employees were to offer either: No health coverage, or HSAs in some form [...]

Q&A 1: Corporation or proprietorship?   Question. Are the business travel documentation rules different if I operate my business as a corporation versus as a proprietorship? Answer. Yes and no. Not different. Regarding deductions for lodging, meals, or other travel expenses, the rules governing receipts, business reasons, and canceled checks are the same for corporations, proprietorships, individuals, and employees. Different. If you operate as a corporation, the corporation is a separate legal entity from you. You are an employee of that corporation. To get the best tax results, you need the corporation to reimburse you for the travel expenses, or have the [...]

The Internal Revenue Service and its Security Summit partners are cautioning taxpayers and tax professionals to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking people to send photos and bank account information so they can receive an unclaimed tax refund. The envelope has a letter […]

It’s Not Too Late: Qualify Now for Your 2020 and 2021 ERC Money Okay, it’s 2023. But it’s not too late to qualify for the employee retention credit (ERC). If you qualify and want your money, you must amend your 2020 and 2021 payroll tax returns.1 Sure, that’s a pain. But if you have a [...]