The Auto Deduction is the best it’s been in over 30 years, with business owners being about to write-off a vehicle faster and with even bigger deductions!
Businesses will now file Form 1099-NEC for each person in the course of the payor’s business to whom they paid at least $600 during the year. This payment would have been for services performed by a person or company who IS NOT the payor’s employee.
There are three (3) common IRS penalties that hit individual taxpayers the most. They can easily be avoided with a little planning. Listen…paying taxes is difficult enough, don’t add insult to injury by having to pay penalties and interest on top of income taxes. The Late Payment Penalty – Not paying what I owe by […]
Don’t underestimate the power of the S Corp and get a second opinion if anyone says an S Corp isn’t the best fit.
Here is a list of the TOP 10 things TO do, or NOT do, in order to avoid an audit with the IRS. As many of you can imagine, an audit can be expensive and time-consuming, not to mention, emotionally draining experience. Please take these to heart.
Making sure our travel has a ‘business purpose’ is critical and a perfect opportunity for business owners for a great tax write-off.
I’m not proposing setting up any sort of business to simply lose money for tax write-offs, but to build a business that allows you to make more money, and save taxes by writing things off you wouldn’t otherwise be able to.
The little-known fact that can transform your Coverdell ESA into a powerhouse for college savings is the fact you can self-direct the investments.
Now although there are reasons not to put your spouse on payroll, I would argue there are two (2) GOOD REASONS to put a spouse on payroll before year-end. Both of these strategies create great excellent tax deductions and good use of money