Filing an Extension for my Business Taxes
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Many business owners don’t realize that they still may need to file a tax return even if the business didn’t make any money this past year. Filing is an Extension for your business doesn’t cost anything and it’s an easy way to avoid any penalties and give you additional time to file a more accurate […]
The Most Common IRS Penalties and How to Avoid Them
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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 IRS penalties ALONG WITH interest can add up quickly. It […]
How a Small Business Saves Taxes and Builds True Wealth
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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.
Should I file an Extension for my Personal Taxes?
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The Rule of Thumb should be to file an Extension. Send in the appropriate deposit, dig up better records, and then file before October 15th
How Much Should I Send in with My 1040 Extension?
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But what if you STILL owe taxes for whatever reason and the May 17th deadline is really concerning you? Here’s what you need to do in order to minimize any penalties and interest.
The Best Auto Deduction Strategies for Business Owners in 2024
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The Auto Deduction is the best it’s been in over 30 years, with business owners able to write-off a vehicle faster and with even bigger deductions!
What to do If I can’t pay my Taxes
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Are you wondering what to do If you can’t pay your taxes by October 16th this year? Do you feel like you don’t have any options, and all is lost? Are you considering not even filing your tax return at all? The worst thing a taxpayer can do: is to do nothing at all. Here […]
Last Minute Tax Strategies Before Filing
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There are several HOT deductions that many taxpayers don’t consider and just ‘leave money on the table’. Here are 6 under utilized write-offs that in my opinion should be a healthy line item on any legitimate small business tax return:
Moving to a Different State to Save on Income Tax
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If you’re considering making a move to save on state taxes, create a master spreadsheet with all of the possible taxes, cost of the move, savings in the cost of living, etc., and carefully determine if it makes sense on paper. Then, if does, get to work taking the steps to actually move your residency or domicile. It doesn’t happen overnight.