2024 Last-Minute Tax Deductions for Existing Vehicles
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 2024 taxes. Don’t wait, get on this now! 1. Take Back Your Child’s or Spouse’s Car and Sell It We know—this sounds horrible. […]
2024 Last-Minute Retirement Deductions
The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider if you want to add to your 2024 retirement deductions. 1. Establish Your 2024 Retirement Plan First, a question: Do […]
2024 Last-Minute Medical Plan Tax Strategies
All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a plan, but you should. When you have 49 or fewer employees, most medical plan tax rules are straightforward. Here are […]
2024 Last-Minute Tax-Saving Vehicle Purchases
Here’s an easy question: Do you need more 2024 tax deductions? If the answer is yes, continue reading about last-minute tax-saving vehicle purchases. Next easy question: Do you need a replacement business vehicle? Consider if making last-minute tax-saving vehicle purchases could also be beneficial in this scenario. If so, you can simultaneously solve or mitigate […]
2024 Last-Minute Business Income Tax Deductions
The purpose of this blog post is to reveal how you can get the IRS to owe you money through smart business tax deduction strategies. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay […]
Three Ways You Can Deduct Your Dog or Cat
Dogs, cats, and other household pets are expensive. Owners spend an average of $1,270 to $2,800 to own a dog. Can you ever deduct these costs from your taxes? The expenses for a family pet that provides you only with love and companionship are never deductible. They are purely personal expenses. But it is possible […]
Maximize The QBI Deduction Before It’s Too Late!
As you may be aware, the qualified business income (QBI) deduction introduced by the Tax Cuts and Jobs Act provides a valuable tax-saving opportunity for business owners like yourself. Unfortunately, the QBI benefit expires after 2025, so there is a limited window of time to maximize this deduction. The qualified business income deduction can be […]
IRS Penalties & Strategies for Relief
If you’ve recently been billed by the IRS with the claim that you owe a penalty for late filing, late payment, or missed employment tax deposits, we urge you to pause before making any payment. You may not have to pay that penalty at all. The IRS often imposes steep penalties for filing tax returns […]
Avoiding the Self-Rental Trap
Let’s say you own a building. Now, let’s say that you rent this building to your business. With no tax planning, you have a self-rental, and that So, there you have it: a self-rental to your business with no tax planning, you will get the worst of both worlds. Yikes! Solution But wait—there’s a solution […]
Build Net Worth With Depreciable Antiques
Today, we would like to introduce a new business strategy that can help you build net worth by using depreciable antiques in your business. The strategy is simple: buy low, depreciate to zero, and sell high. You can achieve this by incorporating antiques into your business. For example, let’s say you’re deciding between purchasing an […]