Test Your Tax IQ: Deducting More Than One Business Vehicle
Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle. You might maximize tax benefits by using multiple vehicles for business purposes. This is particularly true when you use the vehicles predominantly (more than 50 percent) for business, you drive more business miles than your spouse, […]
Uncertain Tax Position? File Form 8275 to Avoid Penalties
Are you considering a bold tax position that may significantly reduce your taxes? If approved by the IRS, it’s a win. But if disapproved, be prepared to face a considerable tax penalty. The IRS imposes a 20 percent penalty for substantial tax underpayment. For instance, if the IRS finds you underpaid your taxes by $50,000, […]
How to Increase Your Tax Deductions Using the Business-Mileage Rule
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 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 […]
What’s Difference Between Tax Planning, Tax Avoidance, And Tax Evasion?
For anyone venturing to learn more about taxes, simple terms that are routine in the industry can seem complex at first. It’s important to understand the differences between these terms, whether you’re filing as an individual, small business, or large corporation. People often get confused about the difference between tax planning, tax avoidance, and tax […]
Here’s Why Tax Planning Is Worth The Investment
Many Americans dread tax season, and who can blame them? Navigating ever-changing tax laws is time-consuming and stressful, and coming out of the process with an unexpected balance due is frustrating. Tax planning is the most cost-effective way to eliminate the stressors of tax season and save money on taxes long term, but many individuals […]
The Top 4 Benefits of Year-Round Tax Planning Services
Small business owners deal with tax deadlines year-round, and yet much only work with a tax expert or tax planner for the few months around “tax season”—typically, January through the end of April. While this may seem like a responsible way to cut your business costs, bringing in a tax professional only once a year […]