2021 Tax Deductions for Business Travel

Posted on 14. Oct, 2021 by in IRS, Small Business Tips

By Ken Berry, J.D. – Tax CorrespondentReposted from CPA Practice Advisor Many self-employed taxpayers are booking trips now in an effort to reenergize their business opportunities. Good news: If you meet certain requirements, you can write off the bulk of your travel costs, even if you “mix in a little pleasure” with your … Many self-employed […]

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4 Retirement Plan Options for the Self-Employed

Posted on 28. Sep, 2021 by in Retirement Accounts, Small Business Tips, Tax Tips

By Ken Berry, J.D. – Tax Correspondent (Sept. 20, 2021)Reposted from CPA Practice Advisor For a long time, self-employed taxpayers had to take a backseat to corporations when it came to qualified retirement plans. Not anymore. Now you have options that are virtually the same as bigger companies with corresponding tax breaks. Here are four possibilities […]

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Get the Best Bank for Your Buck

Posted on 16. Sep, 2021 by in Managing Finances, Small Business Tips

A checking account at one bank is the same as a checking account at another bank, right? Well, maybe not. In fact, according to the J.D. Power 2021 U.S. Retail Banking Satisfaction Study, now 41% of people do all their banking online. This is a pretty big shift from traditional banking. After reviewing the financial […]

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Make the Most of Your Vehicle Expense Deduction

Posted on 08. Sep, 2021 by in IRS, Small Business Tips, Tax Tips

Tracking your miles whenever you drive somewhere for your business can get pretty tedious, but remember that properly tracking your vehicle expenses and miles driven can lead to a significant reduction in your taxes. Here are some tips to make the most of your vehicle expense deduction. Keep track of both mileage and actual expenses. The […]

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Help! I Just Got a Letter From the IRS

Posted on 31. Aug, 2021 by in IRS, Small Business Tips, Tax Tips

Summertime means the 2020 tax filing season is firmly in the rearview mirror for millions of Americans. But summertime is also the season when the IRS sends letters to unlucky taxpayers demanding more money! If you receive a notice from the IRS, do not automatically assume it is correct and submit payment to make it […]

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Ideas to Lower Your 2021 Tax Bill

Posted on 27. Jul, 2021 by in Charitable Contributions, Charitable Giving, Children, Managing Finances, Small Business Tips, Tax Tips

Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far. Estimate how much more you can stash away between now and December 31. So consider investing in an IRA or increase your contributions to your […]

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Get Your Contractor or Employee Classification Right!

Posted on 19. Jul, 2021 by in Small Business Tips, Tax Tips, Tax Updates

Tax challenges can be VERY expensive As a small business owner, you may face the issue of whether to classify workers as employees or as independent contractors. Classifying your workers as independent contractors generally saves you money. That’s because you avoid paying employment taxes and benefits on their behalf. If the IRS determines that you […]

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Good Debt Versus Bad Debt

Posted on 13. Jul, 2021 by in Debt, Managing Finances, Small Business Tips

How to tell the difference Not all debt is created equal. Knowing the difference can change the way you look at your spending. Good debt adds value Good debt often leads to financial growth, because the product or service being purchased adds more value than the debt that comes with it. Student loans are usually […]

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Small Business IRS Audit Mistakes

Posted on 08. Jul, 2021 by in IRS, Small Business Tips, Tax Tips

In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited by Uncle Sam. Mistake: Missing income. A long history of investigating has led IRS auditors to focus on under-reported income. If you’re a business that handles […]

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Know This Number!

Posted on 29. Jun, 2021 by in Cashflow, Managing Finances, Revenue, Small Business Tips

Knowing your net worth and understanding how it is changing over time is one of the most important financial concepts that everyone needs to understand. This number is used by banks, mortgage companies, insurance companies and you! Your net worth impacts your credit score, which in turn impacts your interest rates and things as mundane […]

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