There’s a lot of talk these days about Bitcoin. Which is not surprising. You see, more and more businesses are using this virtual currency as a store of value and a medium of exchange. Should you start letting people pay you with Bitcoin instead of greenbacks? Well, it’s certainly worth considering. But before you make a move, you should get all the facts. That’s why … [Read more...]
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Don’t make these vehicle deduction mistakes!
Are you new to business? If so, read my new article before you get in your car and drive off. Why? Because your valuable vehicle deductions can be in jeopardy if you’re not keeping the right kind of records. You see, if you show up at your tax preparer’s office without receipts for your car expenses and/or a detailed mileage log, your vehicle deductions could be … [Read more...]
Avoid Lost Deductions When Corporate Vehicle Is in Your Personal Name
Do you operate your business as an S or C corporation? Then be careful! You see, if you use your personal vehicle for corporate business, you could risk losing valuable tax deductions. If you want to stay on the right side of the law and keep money in your pocket, Read my new article Tax Tips: Avoid Lost Deductions When Corp. Vehicle Is in Your Personal Name! Here’s … [Read more...]
Audit-proof your vehicle and entertainment deductions
A letter arrives in your mail box. It’s from the IRS. It seems they want to go over your vehicle and entertainment deductions. What’s that? You can’t back up all your deductions with a detailed log and an organized file of receipts? Well then, welcome to a world of pain. If you want to avoid getting crushed by an IRS audit, now is the time to act! What’s the first step … [Read more...]
Six ways to make your IRA work for charities
Are you 70 ½? Do you have an IRA? Do you want to help your church, school, and favorite charities and save money? Then read my new article titled Tax Tips: Age 70 1/2 or Older? Make Your IRA Donate Directly to Charity The Challenge: Sure. Your IRA is a great way to save for retirement. But when you hit 70 ½, you’re going to have to start taking money out of your IRA … [Read more...]