Category Archives: Business Deductions

Owner-Only Businesses Should Consider a Solo 401(k) Plan

  Solo 401(k) plans allow greater income deferral than most other retirement plans. A Solo 401(k) plan suits self-employed and owner-only corporations. The plan needs to be established prior to year’s end. The plan is generally not beneficial if company … Continue reading

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Tax Tips for the Well-traveled Businessperson

As you probably already know, food and lodging expenses can be deducted when you are away from home for business purposes. This may be particularly beneficial to self-employed individuals who travel extensively. Like everything in the tax law, there are … Continue reading

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Keep Track of Meal & Entertainment Expenses

When looking for deductions to add to your taxes, don’t overlook your meal and entertainment expenses. These types of expenses must be “ordinary” and “necessary” to your business or trade and must be “directly related to” or “associated with” the … Continue reading

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Client Letter: Year End Planning for 2012 (Businesses)

Dear clients, As the year draws to a close, it’s important that we calculate the expected taxable income or loss of your business and determine if there is anything we can do before the end of the year to mitigate … Continue reading

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Back-to-School Tips for Students and Parents Paying College Expenses

Whether you’re a recent high school graduate going to college for the first time or a returning student, it will soon be time to head to campus, and payment deadlines for tuition and other fees are not far behind. The … Continue reading

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Have you recently received an IRS notice?

Receiving a notice from the Internal Revenue Service is no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers. In the event one shows up in your mailbox, here are eight things you should … Continue reading

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How is your vice taxed?

Everyone has at least one vice, whether we are willing to admit it or not. Looking at Dante’s list of seven deadly vices, I am certain that I have fallen prey to nearly all of them at one time or … Continue reading

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Is your business getting paid on time?

Small businesses regularly fail. In fact, fewer than 50% are still operating within five years of opening their doors. Why is the failure rate so high? Often it’s because management hasn’t established and implemented a strong collection policy. Deadbeat customers … Continue reading

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Thinking about donating your car? Its not always what you think!

Rather than go through the hassle of selling an old car, you may get a tax deduction for donating the vehicle to a charity. An increasing number of charities have turned to car-donation programs. You may have seen ads from … Continue reading

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Are you thinking about starting a business??

In this economy many people are realizing the benefits of being your own boss.  I can attest to the fact that owning your own business is awesome, no worries of getting laid off, the flexibility to get your work done … Continue reading

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