Business Deductions

Yes, December 31 is just around the corner.   That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2019 taxes. But don’t wait. Get on this now!   Take Your Child’s...

Imagine this: you didn’t issue Form 1099s to your contractors.   Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct?   No. IRS auditors often make this claim, but they are incorrect.   There...

Here’s an easy question: Do you need more 2019 tax deductions? If yes, continue on.   Next easy question: Do you need a replacement business vehicle?   If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem (needing a replacement...

When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans.   But year-end is approaching, and now’s the time to take action.   Here are the six strategies that you can implement before the end of the year. Five...

The IRS gives you two possible strategies for turning otherwise personal mileage into business mileage:   Going to a temporary work location Establishing an office in the home as a principal office   The temporary work location strategy contains some real unknowns, such as:   What is a temporary...