Are you a home office cleaner service provider?
I wanted to offer some insights regarding an important tax aspect related to the cleaning services at your home office. As you have a home office that qualifies for a home-office deduction and you employ a cleaning lady—let’s call her Annie—who maintains both your...
Are you struggling to keep your business finances in order?
Starting new ones should be easier than breaking old, established ones. And when it comes to your knowledge about your company’s financial health, it’s good to develop practices that you eventually do without even thinking about them. Open the Income Tracker. This is...
Don’t Miss Out The Importance of Amended Tax Returns
It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more tax due or a refund, it...
Dodging Tax Penalties: The IRS Form 8275 Explained
Are you considering a bold tax position that may significantly reduce your taxes? If approved by the IRS, it’s a win. But if disapproved, be prepared to face a considerable tax penalty. The IRS imposes a 20 percent penalty for substantial tax underpayment. For...
Are you struggling to keep your business finances in order?
Mastering QuickBooks: Financial Health Check Practices Starting new ones should be easier than breaking old, established ones. And when it comes to your knowledge about your company’s financial health, it’s good to develop practices that you eventually do without even...
Did you overlook something on a prior tax return?
It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more tax due or a refund, it...
Get up to $32,220 in Sick and Family Leave Tax Credits
If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, we will need you to get your act together so we can file amended 2021 and 2020 tax returns now. You could...
IRAs for Young Adults
As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching on April 15, 2024, now is the perfect time to consider how you can...
Buying an electric Vehicle?
Three things to know about this new law:The existing electric vehicle tax credit that applied to both business and personal vehicles remains unchanged from January 1 to August 16, 2022. The new and difficult North America assembly rules apply from August 16 through...
10 Proven Tax Reduction Strategies for the Self-Employed
You can feel overwhelmed when you search our archive library for strategies that apply to the self-employed. For example, a search today will yield more than 263 strategy articles with the words “self-employed” or “self-employment.” That’s a lot. Where do you start?...