Taxes

I'm sure right now you've heard about the 2018 tax changes. You've heard about the higher standard deduction and heard that most people are not going to itemize. What are some things you can do in 2018 to help you save some taxes over the long run? Today, I am going to talk about multi-year tax time issues. Today we're going to talk about multi-year tax planning. Actually, this is the best

If you run your business as a corporation or a LLC you can choose to become an s corporation. The benefits of becoming an s corporation if you are a corporation, is the elimination of double taxation. As an s corporation you pay taxes on all profits and pay taxes again when you pay dividends. If you are a LLC taxed as a sole proprietor, the benefit of being taxed

As a small business owner you can deduct part of your home expenses from your taxable income. You are eligible to take the home office deduction if: You are in business and use your office exclusively for business Use your home office for business on a regular basis Calculating the home office deduction To calculate your home office deduction, you need to : Step 1 - Calculate the square footage of your

As a small business owner, the idea of writing off as much expenses to reduce your tax liability is very appealing. This article discusses some legitimate way to maximize business deductions especially those around meals and advertising. Good planning can help you maximize your deductions without worrying about the IRS knocking at your door. Some ways to maximize deductions are: Taking 100% deduction for meals rather than 50% Generally, business-related meal and

The Patient Protection and Affordable Care Act (AKA Obamacare) enacted by Congress in 2010 changed the way we view healthcare. Both big and small business alike were affected by this act. For instance, big businesses defined as employees with over 50 employees, are required to provide 95% of their employees a minimum essential coverage. If no coverage is provided the employer must pay $2,000 per employee after excluding the first 30 employees. However, if a