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...]
How tax-preparer penalties can increase your taxes
As a savvy taxpayer, you know that Uncle Sam has his eyes on you. What you may not know is that Uncle Sam is also watching your tax preparer. And closely. That’s right. The tax law makes tax preparers part of the IRS tax compliance workforce and expects them to do their job correctly and help enforce the tax laws. If they don’t, they face a wide range of costly penalties … [Read more...]
Create a tax-free deduction for your smart phone
Here’s good news (for a change!) from the IRS… If you and/or your employees use smart phones, you can create some nice no-hassle, tax-free fringe benefits. Want to find out how you can take advantage of Uncle Sam’s largesse? Then put down your iPhone or Android phone and read my new article titled Tax Tips: Create Tax-Free Fringe Benefit Deductions for Your … [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...]