Category Archives: Uncategorized

What to do if your tax return is flagged by the IRS and not be scammed   The IRS alone sends millions of notices to taxpayers every year.  When the IRS – or a state taxing agency – needs to contact a taxpayer, they typically send a letter to the last known address via theContinue reading “What to do if your tax return is flagged by the IRS and not be scammed”

5 Tips to Get More Savings from Your Home Office   You must have self-employment income The home-office tax deduction used to benefit anyone who maintained a dedicated space in their home used solely and exclusively for business. The Tax Cuts and Jobs Act significantly changed this tax break. Starting in 2018, employees working fromContinue reading “5 Tips to Get More Savings from Your Home Office”

Increase Your Cash Flow Today with These 5 Tips Cash is the lifeblood of a business and in my experience, one of the most common reasons companies go out of business is cash flow mismanagement. The best time to plan for a cash shortfall is when you’re not facing one and every business should haveContinue reading “Increase Your Cash Flow Today with These 5 Tips”

Tax Changes You Should Know About Some tax changes were buried in the 5,500+ pages of year-end legislation and might have slipped under your radar. These are some key tax changes you should know about. Charitable deductions Taxpayers now qualify for a deduction of monetary charitable contributions up to $150 ($300 for joint filers) evenContinue reading “Tax Changes You Should Know About”

5 Tax Mistakes You Can’t Afford to Make This Year With any luck, 2021 will be a year of economic recovery. A good way to contribute to your own financial recovery is to be as tax-savvy as possible. Avoid these mistakes so you don’t wind up hurting yourself needlessly in the next 12 months.  Continue reading “5 Tax Mistakes You Can’t Afford to Make This Year”

22 Small Business Tax Deductions To Save You Money Expenses vary business by business and industry by industry. Each industry has widely accepted business expenses. Most businesses in the same industry will have similar expenses. A bank will have different expenses than a trucking company. A hotel will have different expenses than a grocery store.Continue reading “22 Small Business Tax Deductions To Save You Money”

The only way to prevent your contractors from being re-classified as an employee. We recently had a case where NYS concluded that a contractor was an employee despite meeting the criteria for being a contractor because our client “reserved the right” to treat the contractor as an employee. The contractor was hired as needed toContinue reading “The only way to prevent your contractors from being re-classified as an employee.”

You rushed to file your taxes then realized you made a mistake. Should you file an amended return? It depends. Math errors are not a reason to amend as the IRS will correct math errors on your return. You don’t need to amend if you discover that you forgot to attach schedules, or made similarContinue reading “You rushed to file your taxes then realized you made a mistake. Should you file an amended return? It depends.”

4 Reasons Why Not Paying Yourself Is Wrong Now that Quickbooks has a built in function to help us implement Mike Michalowicz’s “Profit First” formula we have come up with 4 reasons why not paying yourself first is wrong. 1. You don’t make enough moneyMake a plan – as brief or as detailed as youContinue reading “4 Reasons Why Not Paying Yourself first Is Wrong”

How to pay taxes on a coronavirus retirement account withdrawal? Under the CARES act there is a coronavirus-related distribution, which allows you to take up to $100,000 from eligible retirement plans without penalty under certain qualifying circumstances:   – either you, a spouse, or a dependent is diagnosed with COVID-19.– you experience adverse financial consequencesContinue reading “Considering credit card surcharging in your business?”