We hear some pretty wild questions about tax write-offs. Can I write off my swimming pool? What about my dog? Can I take a trip to Florida and call it a business expense? What about that expensive suit I bought specifically for meeting clients? Believe it or not, sometimes the answer is yes. There are […]
Getting a letter from the IRS can make your stomach drop a little. Most people see that envelope and immediately think they’re in trouble or assume they’re being audited. That’s usually not the case. The IRS sends notices for all kinds of reasons. Sometimes there’s a difference between the income reported on your tax return […]
September 15 is coming up quickly, and for many business owners it is an important tax deadline that can be easy to forget about once the spring tax season is behind us. If you own an S corporation or are part of a partnership and filed an extension earlier this year, September 15 is generally […]
If you own a business, there’s a good chance you’ve hired someone as an independent contractor at some point. It’s common, it’s convenient, and for the right situation it makes perfect sense. But one mistake we see business owners make is assuming that simply paying someone as a contractor automatically makes them one. Unfortunately, that’s […]
Filing your taxes can feel like a big relief, especially once you finally hit submit and know they are done for the year. But what happens if a few days or even a few weeks later you realize you made a mistake? Maybe you forgot about a 1099, entered the wrong amount somewhere, missed a […]
One tax strategy I find many small business owners are surprised to learn about is hiring their children to work in the family business. And yes, this can be completely legitimate. If your child is doing real work for your business and you pay them a reasonable wage for that work, their wages can generally […]
One of the biggest misconceptions I hear from small business owners is that if an expense helps their business, it’s automatically deductible. Unfortunately, tax law isn’t always that simple. There are plenty of legitimate deductions available, but knowing which ones apply to your business—and keeping the proper documentation—is what makes the difference. Here are three […]
Let’s start with the good news most people will never be audited by the IRS. That said, there are a few things that can make your tax return stand out, and they’re usually much easier to avoid than people think. One of the biggest mistakes I see is people forgetting to report all of their […]
One thing I hear all the time is, “I’ll worry about taxes when tax season gets here.” I understand why people think that way. Once April is behind us, most business owners are focused on running their business, serving customers, and trying to grow. Taxes are usually the last thing on anyone’s mind. Ironically, that’s […]
If you’re thinking about selling an investment property, one of the first questions you should ask isn’t how much you’ll make—it’s how much you’ll owe in taxes. Many real estate investors are surprised by the capital gains taxes that can come with the sale of a property. The good news is that, in some situations, […]