Good news for small business owners! The IRS has made an important change to the tax laws that allows you to immediately deduct many expenses you previously had to depreciate! I’m talking about computers, smart phones, tablets, furniture, and even an inexpensive car or truck. My advice? Act quickly to comply with the new law which I explain in my latest article titled Tax … [Read more...]
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How your business credit card can put you at risk!
Sure. A business credit card is a tremendous convenience. With it you can pay for travel, entertainment, vehicle expenses, and much more. But watch out! If you’re not documenting those business expenses the right way, the IRS might come calling. Want to avoid an audit and stay out of trouble? Read my new article titled Tax Tips: Danger with Business Credit Card Three … [Read more...]
Avoid tax traps when you donate clothing and household items to charity!
Got a garage full of junk? Got closets filled with clothes you’ll never wear? Here’s your chance to do some good and do well. You see, you can pay less tax this year by donating clothing and household items to charities that can really use it. And when you know how to give the right way, you can claim some nice non-cash deductions that will save you money. So… if you … [Read more...]
Don’t let expense report blunders trigger higher taxes
Do you operate your business as an S or C corporation? Do you reimburse yourself (the owner-employee) and/or your employees for the business expenses you or they incur? If you do, you could be losing thousands of dollars worth of tax deductions as I’ll explain in my new article. You see, if you don’t follow the IRS’s expense reporting rules (“accountable plan” rules) you’re … [Read more...]
When it’s smart to ignore the tax law
Don’t get me wrong! I’m very much in favor of following the tax law to the letter. But there is one section of the law that you shouldn’t take seriously. It’s the part that gives you the impression that saving your receipts isn’t always necessary. While the law may not always require receipt-keeping, Uncle Sam always requires proof. And if you don’t have receipts, you’ll … [Read more...]