So you’re ready to go with your non-profit LLC or corporation, you’ve started the business itself and are already doing what you do best! Now the last, and perhaps most important, step is to gain tax-exempt status in the eyes of the government. Difference Between Nonprofit and Tax-Exempt Gaining recognition as a nonprofit is a […]
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Find Legal Tax Savings AND Reduce Your Audit Risk?
The risk of a tax audit can make people do funny things. Some give up $thousands of tax savings just to avoid the increased chance of one. There are even tax advisors out there giving this very advice! Then of course there’s the other extreme side, with people taking deductions they’re not even sure are […]
Write Off Your Vacations and Reduce Your Taxes
Ok, who would like to find themselves in a tropical island paradise, sitting in a hammock on a warm sandy beach, with muscular, tan men in little swim shorts bringing you fresh piña coladas all afternoon? Everyone, right? Tax write-offs for self-employed individuals are very important since this group of people generally gets hit pretty […]
4 Summertime Tax Review Tips
Believe it or not, we’re already halfway through the year, 4th of July has already passed… Not sure how that happened! But now is a great time to give your records a little tax review to stay on top of everything while your memory is fresh! It’s also a good way to see if you’re […]
4 Strategies and Benefits of Accelerated Depreciation
Depreciation is a wonderful thing. When done the right way, your rental real estate property bringing you income can be turned into a loss for taxes. This strategy is probably the most commonly used with physical land and buildings, but there are many more things that can be considered, for example: Appliances Parking structures Landscaping […]
10 Business Tax Audit Red Flags to Avoid
Updated June 2018 The dreaded five letter word…. AUDIT…. Something many of us fear and have thankfully never experienced. Those that have, well, tell us your story. What was it that triggered the IRS to come knocking to make sure you were telling the whole truth and nothing but? The more money you make, the […]