In our past blogs, we’ve talked about some of the tax deductions you can get as a landlord. But guess what? None of those tax deductions matter if you don’t have the records to claim them.
If you’re a small business owner who is considering hiring a business advisor, you probably want to learn more about what advisors do before moving forward. Business advisors, or business consultants, take care of several tasks, making it easier for you to run a successful business. Check out some of the top tasks that small business consultants handle.
There are a few differences between a traditional IRA and a Roth IRA, and it is important that you understand these distinctions when you are choosing your retirement savings platform. Both types of retirement savings accounts can be beneficial, and you should talk with an accountant or qualified financial advisor to make the decision based on the best tax savings strategies for your individual needs.
No question. Today’s tax laws are complicated. Many individuals are confused about which credits and deductions they can claim on the 2016 return. Even if you use professional tax preparation services, it’s a good idea to be familiar with the types of tax breaks for which you many be eligible.
If you intend to deduct business travel expenses on your income tax return, you need to keep organized and adequate records. In the event of a tax audit, having proper documentation will ensure that you will be able to substantiate your deductions and get the tax savings for which you are eligible.
It's tax season, and most of us are focused on preparing and filing tax returns. You may file your return yourself or hire a tax preparation firm that provides small business accounting services. Either way, make sure you consider one key way to reduce your tax bill: the home office deduction.
It's tax season, and small business owners are reminded how the business entities they choose determine the amount of taxes they pay. Also influenced by the type of business entity is the amount and type of tax records required for tax filing. Business owners have several options for forming a business entity. Whether you are starting a business or thinking about making a change to your structure, it's a good time to take a look at the options.
You wouldn’t spend more than necessary on utilities for your rental properties, would you? Then why would you spend more on taxes than you have to? Every year, landlords lose money because they overpay on their taxes, missing important and easy deductions that could put cash into their pockets.
Did you work for yourself as an independent contractor or a sole proprietor in 2016? If so, you may owe self-employment taxes on your earnings. That's true no matter what your age – even if you're receiving social security benefits. Here’s why:
If you’re like most small business owners, you have a serious problem on your hands. You don’t know how much your business is worth. You have so much of your own money and your own assets tied into it that it is impossible to get a value. Actually, you can get a busines valuation, but you will need some help.