Act Now: Earn 9.62 Percent Tax-Deferred

AG Fintax

Through October 2022, you can buy Series I bonds that pay 9.62 percent interest. And you receive that rate for six months from the time of purchase. What happens after that? On November 1, 2022, the U.S. Treasury Department sets a new six-month rate equal to the fixed rate (currently zero) plus the Consumer Price […]

New Law: Business Tax Credits for Your Electric Vehicle Purchases

Energy Tax CreaBusiness Tax Credits for Your Electric Vehicle Purchasesdits for Homeowners

You may have heard that the newly enacted Inflation Reduction Act includes an expanded tax credit for electric vehicles.  Although this personal credit has gotten most of the publicity, the new law launched a new commercial clean vehicle credit—specifically for business-use electric vehicles. And it’s much better than the credit for personal-use electric vehicles. The […]

New Law: New and Improved Energy Tax Credits for Homeowners

Energy Tax Credits for Homeowners

The President signed the Inflation Reduction Act into law on August 16, 2022. It contains some valuable tax credits for homeowners.  When it comes to taxes, nothing is better than a tax credit since it is a dollar-for-dollar reduction in the taxes you must pay (unlike a tax deduction that only reduces your taxable income). […]

How Will You Deal with the New 62.5 Cents Mileage Rate?

IRS Increases Business Mileage Rate to 62.5 Cents

The IRS noticed that average gas prices across the United States exceeded $5.00 a gallon and took action. Small businesses that qualify to use and do use the standard mileage rate can deduct 62.5 cents per business mile from July 1through December 31, 2022. That’s up 4 cents a mile. This brings up a practical […]

When Your Income Is Subject to Self-Employment Taxes

Late Tax Filing

If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the self-employment tax.    Self-employment taxes are not insubstantial. Indeed, many business owners pay more in self-employment taxes than in income tax. The self-employment […]

The IRS Wants to Know about Your Crypto

IRS Wants to Know about Your Crypto

Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income. The IRS is concerned that you and millions of Americans are using crypto without paying tax on the earnings. To clarify that it expects you […]

A Massive New FinCEN Filing Requirement  – Corporate Transparency Act

Virtual Controller

Do you own a limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust?  Or are you planning to form one of these entities?  If so, be alert. There’s a new federal filing requirement coming. Back in 2021, Congress passed a new law called the Corporate Transparency Act (CTA) […]

Are Self-Directed IRAs for Real Estate a Good Idea?

Self-Directed IRAs for Real Estate

It is getting increasingly popular for individuals to use self-directed IRAs to invest in alternative investments—that is, investments in things other than stocks, bonds, CDs and the like. The single most popular alternative investment for self-directed IRAs is real estate.   With real estate values continuing to climb, you may be thinking about establishing your […]

How to Increase Your Tax Deductions Using the Business-Mileage Rule

Increase Your Tax Deductions

We absolutely, positively don’t like commuting mileage. You should dislike it, too. It’s personal. It’s not deductible.  But with knowledge, it’s avoidable.  Let’s eliminate commuting and make those trips from your home to your office deductible. The law gives you two ways to eliminate commuting from your home to your outside-the-home office:   Make a temporary […]

How Creating a Strong Tax Planning Strategy Can Save You Thousands

Tax Planning

Tax planning is more than hiring a professional to sort your financial affairs at the end of the tax year. If done correctly, tax planning can save you thousands of dollars, countless hours, and a significant amount of stress. A proper tax planning strategy will vary from company to company, especially depending on your financial […]

6 Tax Deductions That Can Significantly Lower Your Taxes As A Real Estate Investor

Tax Deductions

Real estate is a rewarding investment that helps buyers diversify their portfolios and accumulate wealth. However, as with most major purchases and investments, real estate comes with its share of taxes. The IRS provides opportunities to deduct various business expenses to help minimize your tax burden. Here are six ways to lower your taxes as […]

6 Major Differences Between Virtual Bookkeeping And Online Accounting Services

Virtual Bookkeeping

For many taxpayers, bookkeeping and accounting services may appear synonymous. However, the financial roles differ in a few ways, including their day-to-day duties and the overall experience required for each position. They often work in conjunction yet fulfill separate duties. As a business owner, it’s a good idea to familiarize yourself with the two roles. […]