Recordkeeping Do’s and Dont’s

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to [...]

By |2021-06-07T19:20:05-04:00June 7th, 2021|Categories: Blog, Tax|Tags: , , , , |Comments Off on Recordkeeping Do’s and Dont’s

The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related [...]

By |2021-02-01T12:28:34-05:00February 1st, 2021|Categories: Blog, Tax|Tags: , , , , , , |Comments Off on The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

How the New Coronavirus Relief Bill Affects Business Taxes

The federal Consolidated Appropriations Act, 2021 (CAA), signed into law in late December of 2020, modifies and clarifies the tax provisions of last year’s Coronavirus Aid, Relief and Economic Security Act (the CARES Act) and provides other forms of [...]

By |2021-01-08T13:58:58-05:00January 8th, 2021|Categories: Blog, Tax, William R. Norwalk|Tags: , , , , , |Comments Off on How the New Coronavirus Relief Bill Affects Business Taxes

QBI Deduction Basics and a Year-End Tax Tip That May Help You Qualify

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to [...]

By |2020-12-08T12:43:17-05:00December 8th, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on QBI Deduction Basics and a Year-End Tax Tip That May Help You Qualify

Prepare in Advance to Easily Survive IRS Audits

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But if your properly plan and prepare for IRS audits, you should fare well. [...]

By |2020-10-05T13:17:20-04:00October 5th, 2020|Categories: Audit, Blog, Tax|Tags: , , , , |Comments Off on Prepare in Advance to Easily Survive IRS Audits

Business Website Costs: Guidance For Taxes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance [...]

By |2020-10-02T14:28:29-04:00September 21st, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on Business Website Costs: Guidance For Taxes

Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full [...]

By |2020-06-15T13:00:32-04:00June 15th, 2020|Categories: Blog, Small Business Services, Tax|Tags: , , , |Comments Off on Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits

Small Businesses: It may not be too Late to Cut Your 2019 Taxes

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: Buying assets.Thinking about purchasing new or used heavy vehicles, heavy equipment, [...]

By |2019-12-18T18:39:48-05:00December 18th, 2019|Categories: Blog, Small Business Services, Tax|Tags: , , , |Comments Off on Small Businesses: It may not be too Late to Cut Your 2019 Taxes

End of Year Tax Savings for Individuals

The Tax Cuts and Jobs Act (TCJA) brought many new rules for individual tax filers, and there are quite a few ways taxpayers can use these changes to their advantage. With the end of the year quickly approaching, it’s the [...]

By |2019-11-20T16:30:51-05:00November 20th, 2019|Categories: Blog, Monic Ramirez, Small Business Services, Tax|Tags: , , , , , , |Comments Off on End of Year Tax Savings for Individuals

Deducting Business Meal Expenses Under Today’s Tax Rules

In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed under the [...]

By |2019-10-18T17:01:09-04:00April 15th, 2019|Categories: Blog, Tax|Tags: , , |Comments Off on Deducting Business Meal Expenses Under Today’s Tax Rules
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