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Here’s an easy question: Do you need more 2020 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...

Here’s an easy question: Do you need more 2020 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...

The purpose of this Blog is to get the IRS to owe you money.   Here are seven powerful business tax deduction strategies that you can easily understand and implement before the end of 2020.   Prepay Expenses Using the IRS Safe Harbor   You just have to thank...

  You likely formed an S corporation to save on self-employment taxes.   If so, is your S corporation salary   nonexistent? too low? too high? just right?   Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will...

If you have employees, you must withhold their 6.2 percent share of the Social Security tax from their wages up to an annual wage ceiling ($137,700 for 2020). You must pay the money to the IRS along with your matching 6.2 percent employer share of...

What is the unpardonable sin in an IRS audit?   Suppose you just received that lovely letter from the IRS telling you that you are the subject of an IRS audit.   What one record receives special attention? What one record can create a nightmare for you? What one...

The Payroll Protection Program (PPP) rules—they keep a-changin’.   During the past month, the Small Business Administration (SBA) issued a new set of frequently asked questions (FAQs) and a new interim final rule, which in combination create the following good news for the Payroll Protection Program (PPP):   ...

If you’re considering moving to a different state, taxes in the new state may be the deciding factor—especially if you expect them to be lower.   Consider All Applicable State and Local Taxes   If your objective is to move to a lower-tax state, it may seem like a...