Tax-Saving Tips August 2021 Don’t Miss Out on the Employee Retention Credit It’s hard to imagine that a small business does not qualify for some or all of the employee retention credit (ERC). And remember, this is a tax credit—one of the very best things that tax law has to offer. True, it’s not as…
Read more
Settle Your Employment Tax Debt with the IRS The IRS Classification Settlement Program (CSP) offers a chance to settle your employment tax debt due to worker misclassification if you do not qualify for Section 530 relief. CSP agreements typically result in a substantial reduction of assessed employment taxes, especially if you misclassified workers over several…
Read more
Can I Deduct my Monthly Internet Bill on My Taxes? If you do some work at home, you’re probably using your home internet connection. Are your monthly internet expenses deductible? Maybe. The deduction rules depend on your choice of business entity (proprietorship, corporation, or partnership). Deduction on Schedule C If you operate your business as…
Read more
If you’re like most small business owners, you waste thousands of dollars every year in taxes you don’t need to pay. You might grumble about it on April 15, then wait until next year to get smacked again! The sad truth is, it doesn’t matter how good your accountant is with a stack of receipts…
Read more
Are you confident you’re taking advantage of every tax break you deserve? The world if full of tax preparers who can pt the “right: numbers in the “right” boxes on the “right” forms by the “right” deadlines. But then they call it a day, What are they doing to make sure you get all the…
Read more
If you’re like most people, you probably think you pay too much tax. And you’re probably right! So perhaps you’re considering utilizing a new tax professional this year. Many tax professionals do a fine job putting the “right” numbers in the “right” boxes on the “right” forms. But then, they call it a day. It…
Read more
Did you know that millions of Americans who file their own tax returns pay the wrong amount? Just ask former Treasury Secretary, Tim Giethner, who missed $14, 847 in self-employment tax using TurboTax to file his own return! Tax prep software helps you fill out the forms. But software is just a tool, not a…
Read more
This Year, Put the IRS in Your New Year’s Resolutions! January 1 has already past, and for millions of Americans this means starting resolutions to lose weight, quit smoking, volunteer more, or travel to new and exciting destinations. Seeking public support, we post our resolutions on Facebook and other social media, and even make bets…
Read more
December 31 is approaching fast. And while you many not associate December 31 with taxes, it’s the deadline to take advantage of some of the most valuable planning opportunities. Proactive tax planning is the key to minimizing your tax. Here’s a quick quiz to see if you need your year-end planning! This year, did you…
Read more
The holidays are approaching, and millions of Americans will kick off the season with “Black Friday” shopping. Braving the crowds and the cold, facing scorn from family they’ve left behind, they line up at obscenely early hours (or duck out of Thanksgiving dinner before the pumpkin pie is even served) to save $20 on a…
Read more
