2023 Last-Minute Year-End General Business Income Tax Deductions
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 […]
Should You Convert Your Personal Vehicle to Business Use?
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 […]
Why Some Business Owners Prefer Individual HSAs
12 Answers to Questions on Proving Expenses for Business Travel
IRS warns of new scam involving unclaimed refunds
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
Tax-Saving Tips
Is Your Sideline Activity a Business or a Hobby? Do you have a sideline activity that you think of as a business? From this sideline activity, are you claiming tax losses on your Form 1040? Will the IRS consider your sideline a business and allow your loss deductions? The IRS likes to claim that money-losing […]
Amplified: 10 Tax Strategies for S Corporations: What, How, Where
Make Extra “Catch-Up” Contributions to Retirement Accounts: We Quantify the Benefit
After reaching age 50, you can make additional “catch-up” contributions to certain types of tax-advantaged retirement accounts. For the 2021 tax year, this opportunity is available if you’ll be age 50 or older on Friday, December 31, 2021. Specifically, with an employer-sponsored 401(k), 403(b), 457, or SIMPLE plan, you can make extra salary-reduction catch-up contributions […]
You Took Coronavirus-Related IRA Money Last Year: What Now?
If you’re a traditional IRA owner who was adversely affected by the COVID-19 pandemic last year (2020), you may have been eligible to takea tax-favored coronavirus-related distribution from a traditional IRA.If so, that privilege was thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).In this analysis, we will call these tax-favored traditional […]
- 1
- 2