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December 30, 2021   |   2021
Year End Tax Savings. . . for 2021

Man & woman setting at desk with papwers. Man is covering face with hand head lowered. Woman is covering her mouth with her hand

  The year is over tomorrow and taxes were back burnered. . . (no pressure). What to do, don’t want to owe . . . As requested. . . For individuals: Pay outstanding medical bills. Keep track of total medical paid (doctor, hospital, labs, prescriptions, medical mileage, medical insurance paid out of pocket etc) for Year End Tax Savings. . . for 2021

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December 9, 2021   |   2021
Facts & Figures 2021 Tax year & Some For Tax Year 2022

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  Build Back Back Better (“BBB”) is still being negotiated So here is something a little more concrete: The numbers and limits for 2021 tax season: FACTS & FIGURES, TBA=To be announced                                          Tax Year 2021                 2022 Social Security COLA                                                                                             1.3%                           5.9% Part B premium- income < $85,000                                                                 Facts & Figures 2021 Tax year & Some For Tax Year 2022

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July 3, 2019   |   0
Self Employment, Financial Freedom or IRS “Invitation” ?

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Are you a self-employed business owner?   It’s great to set your own hours and choose your “job”.  However, if a business owner isn’t careful, the ticket to financial freedom–the business–can be an “invitation” for an IRS inquiry .  . . The IRS defines a business as a FOR PROFIT activity. Translation: Just because you call Self Employment, Financial Freedom or IRS “Invitation” ?

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March 1, 2019   |   0
Meals Expense Deductible? It Depends

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The 2017 Tax Cuts and Jobs Act suspended some deductions and sidestepped others.  One of those deductions is the meals expense. For most employees, the meal expense (or per diem) tax deduction is suspended until tax year 2026 (no tax deduction). However, self employed individuals (or those receiving a 1099 Misc) and STATUTORY employees (e.g. Meals Expense Deductible? It Depends

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January 24, 2019   |   0
Qualified Business Income Deduction

man with coffee talking to a woman in a business suit outside building

Are you: Self Employed? Receive Limited Liability Company (LLC) Income? Receive a 1099 Miscellaneous? Member of a LLC (e. g. Partnership)? Receive Sub Chapter S Corporation Distributions? If you answered no to the above questions then QBI does not apply to you. . . If you answered yes, then: The Qualified Business Income (“QBI”) deduction Qualified Business Income Deduction

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October 23, 2018   |   0
Business Barter Can Bite!

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Barter is trading services or product in lieu of cash. Barter of products or services between businesses  (e.g. subcontractors) is taxable. Barter income is based on the value of services or product received (of IRC Section 61(a)). It is reported on the tax return (IRC§ 61(a)(1)).  Mr. Welemin learned this painful lesson in US Tax Business Barter Can Bite!

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October 2, 2018   |   0
Track that Mileage Expense!

Car dashboard with mileage odometer

Reminder, track those auto expenses. Every little bit adds up. There are two ways to calculate auto expenses: actual expense and mileage. Actual expense method includes auto maintenance cost, (oil changes, tire rotations etc), minor repairs (tires, windshield wipers, etc), auto insurance, personal property taxes, garage rent, gas, oil, fluids, depreciation, tolls, vehicle registration (tags) Track that Mileage Expense!

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