Blog

Borrowing payroll tax withholding funds is stealing. Why? It's not yours. When you or your corporation withhold money from the employees, you individually act in a fiduciary capacity and have the responsibility to remit that money to the government timely. Your willful failure to accomplish this,...

Most entertainment expenses are 50% deductible. However, the IRS allows you to write off  100% of entertainment expenses, if you are using it to grow your business and you follow the rules. The IRS uses the term "associated entertainment", but its really fun. That's right, such as...

For business owners, entertaining clients is a time-honored tradition. However, you must be extremely careful, because it's a sensitive area with the IRS. Here's 5 ways to maximize your business meal and entertainment deductions. Get down to business. Any entertaining must be directly related to the active...

The Alternative Minimum Tax (AMT) is a tax on your deductions. Yes, you read that right. Its an additional tax that is calculated and added to the regular tax computed. The AMT stealth tax works by eliminating or reducing taxpayer's deductions that one gets with the...

The Kiddie Tax was created by lawmakers to prevent taxpayers from shifting income to their children to take advantage of the child's lower tax bracket. This tax can arise also without income shifting as well. Does your child have investment accounts that generate income? If so,...