13 Tax-Deductible Expenses Business Owners Need to Know About
As a business owner, it’s essential to know what expenses are business tax-deductible. Otherwise, you risk paying more in taxes than necessary or potentially getting into trouble with the IRS for taking inappropriate deductions. Here are some tax-deductible expenses every business owner should know about. ⦁ UtilitiesIf there’s a utility that you use solely for your […]
Tax Benefits to Increase Slightly in 2017
The Internal Revenue Service announced that annual inflation adjustments will affect more than 50 tax provisions, including the tax rate schedules, and will result in tax benefits to increase slightly in 2017. Here are some highlights of the changes: The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 […]
Celebrate Fall with Ways to Save
What better way to celebrate Fall than by saving some money? With the temperature beginning to drop, it’s time to start looking around the house for ways to save on energy costs. Take advantage of some great tax credits and deductions for energy-efficient purchases. The Residential Energy Efficient Property Tax Credit offers you some major tax […]
6 Money Saving Tax Tips for the Self-Employed
Self-employment can be hard, but if it was easy, everyone would do it, right? In an attempt to lighten your load and ease your burden, whether you are just trying to make the October 17 tax extension deadline, figuring out estimated taxes, or are gearing up for next tax season, take a look at these six […]
Disaster Relief – Deductible Donations
In light of the flooding disaster that has struck our neighbors in Louisiana and left thousands in need of the basics, here are some donatable items that are also tax deductions: Furniture: Consider donating your couch or bed when you buy a new one, or perhaps finally get rid of the armchair that didn’t fit in […]
Back To School Tax Tips and Deductions
10 Back To School Tax Tips With the start of school just around the corner, taxpayers need to be aware of the following tax tips and deductions available for qualifying expenses: Private School Tuition and School Uniforms The cost of private school or parochial school tuition is not deductible. However, the child care component costs […]
Frequently Asked Questions About Our Accounting & Tax Services
There’s been a large increase lately in the popularity of multilevel marketing companies and people, especially women, becoming a part of these businesses as a side income or even as a full time career. The rise of these companies such as Stella & Dot, Avon, Mary Kay, Young Living, Herbalife, Rodan + Fields creates a […]
Tax Tips for Your Rental Property or Vacation Home Rental
Owning a rental property is one way to boost your income and secure your financial landscape. You may also have a golden opportunity for some serious tax breaks. Rental properties – both full time, part time, and vacation homes – can be a wealth of tax savings. Is This Tax Deductible? The key to saving […]
Why File Married Filing Separate?
One of the first questions asked when preparing a tax return is how to file: married filing jointly, or married filing separately? The way the tax code is written, married filing jointly usually results in a lower tax bill than if filed married filing separate. For this reason, the IRS generally advises spouses to file […]
Special Tax Benefits for Armed Forces Personnel
If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file […]
Tax Tips for the Self Employed
So you’ve waded out into the waters of self-employment. You’re staring down uncertainty and taking a chance on yourself. Congratulations! Self-employment won’t always be easy, but your hard work and perseverance will pay off. Besides, if it were easy, everyone would do it, right? In an attempt to lighten your load and ease your burden, […]
Tax Deductions by Donating Household Items
It’s a common practice during the summer: After a spring cleaning, many people try to sell the household items they no longer need or want in a “garage sale” (known as a “lawn sale, “tag sale” or some other name in parts of the country). But what to do with those items that are left […]
