Do you own an S-Corporation and pay for your own health insurance, like Medicare, or a policy through the ACA Marketplace? If so, there’s a very specific step you must take to deduct those premiums on your personal tax return. If you don’t report it properly, you’re missing out on thousands of dollars. How to…
Deductions
Big Changes Coming to Charitable Giving Rules
If you’re someone who gives generously to causes you care about, there’s a new tax law on the horizon that could affect your giving strategy. Thanks to the recently passed One Big Beautiful Bill Act (OBBBA), charitable contributions will be treated differently starting in 2026—and some of the changes could impact how much you can…
New Tax Break for Seniors: $6,000 Deduction Coming in 2025
If you’re age 65 or older, there’s a new tax benefit you should know about – starting in 2025, you’ll be eligible for an extra $6,000 deduction, just for being a senior. And if you’re married and both you and your spouse are 65 or older, you can double it to $12,000. Yes, of course…
Deduct Your Car Loan Interest
Starting in 2025, you may be able to deduct the interest you pay on a car loan—even if it’s for personal use. That’s right: the same way mortgage interest can reduce your taxes, interest on your personally owned vehicle might now help you save on your tax bill, thanks to a new rule in effect…
Electric Vehicles for Contractors = Act Before 9/30/2025
Why Contractors Should Care About This Tax Credit If you’re thinking about upgrading your work trucks or vans, now’s the time to go electric. With the passage of the One Big Beautiful Bill Act (OBBBA) on July 4th of this year, the deadline to qualify for the $7,500 tax credit has moved up – way…
Business Meals Now 100% Deductible
Both small businesses and the restaurant industry took a serious plunge during the COVID-19 pandemic. But there seems to be a silver lining ahead. The government is taking steps to revive the economy, including making tax-payer friendly adjustments to business deductions. In 2021 and 2022, business meals will be 100% tax deductible. Read on for…
2021 Tax Strategies: Part 2
As you file your 2020 taxes, you will find that COVID-19 has had some major impacts on the process, as it has on most things over the past year. In fact, the IRS has delayed the start and deadline of tax filing season this year. There are multiple considerations for businesses and individuals alike for…
2021 Tax Strategies: Part 1
The reverberations of the COVID-19 pandemic continue to be felt in most areas of life. These impacts will certainly influence how you file your 2021 taxes. Whether you’re a business owner trying to maximize the credits you receive for keeping employees on the payroll or an individual wondering how working from home over the past…
Deducting Foreign Travel
The IRS has very different rules for deducting foreign business travel and for deducting domestic business travel. This month, we’ll focus on FOREIGN business travel, and will follow up next month with the rules for deducting DOMESTIC business travel. First, in order to deduct the full cost of transportation to a foreign country, at least…
Does No 1099 Mean No Deduction for You?
It’s a common scenario: You neglected to issue a Form 1099 to your business’ contractors. As a result, you are now being audited. During the process, the IRS auditor tells you that you can no longer claim your deductions, because you failed to issue the Form 1099s. What should you do? Here are the answers…
Claiming Travel Expenses for Your S Corporation
Can you claim travel expenses when you run your business as an S corporation? There are a few things that you should keep in mind if you are considering doing this. You are an employee of your S corporation, and this entity is separate from you. Thus, you can acquire expenses and be reimbursed for…
What Are the Tax Benefits of Employing Your Children?
Can employing your children at your business benefit you when it comes time to file your taxes? Thanks to recent changes in tax law, you can’t claim your child as a personal exemption anymore. However, it is still possible to enjoy tax benefits from employing your children. Here’s what you need to know about taking…
Understanding How the Home Office Deduction Applies to Your S Corporation
If you have gotten used to using the home office deduction, you may be wondering if you can still use it when you have an S corporation. In other words, how can you be sure that the IRS will still let you take advantage of this deduction? Here’s a quick look at some methods that…
What You Can Deduct with Oil and Gas Investments
Governments play a critical role in encouraging energy development, especially through incentives. For example, a government might try to encourage residents to utilize solar energy by offering special incentives for purchasing solar equipment. In the United States, you can take advantage of incentives for investing in the oil and gas industry. So, what happens when…
Pros and Cons of Using Bitcoin for Transactions
Have you ever thought about using bitcoins to make purchases? If you have, then you may be wondering if there are any benefits or disadvantages for using this popular virtual currency. To understand what those pros and cons might be, let’s use a simple example. Let’s say that Jane is a consultant who works as…
How Our Spreadsheets Can Help You Track Your Expenses
When tax time rolls around, you may find yourself rushing to gather all of the financial information you need. If this sounds all too familiar, then an experienced certified public accountant can help. This year, don’t let yourself get overwhelmed by the prospect of doing your taxes on your own—turn to a professional for the…
How Tax Laws Are Changing in 2019
The Tax Cuts and Jobs Act of 2017 was signed into law a year and a half ago, but not all of its provisions took effect right away. In fact, many of the law’s sweeping changes will first become part of your life this year. If you’re wondering how the law will affect you, you…
No Business Income Doesn’t Equal No Home Office Deduction
Running a home-based business can be a rewarding endeavor, especially when you take full advantage of all possible tax deductions. One commonly misunderstood example is the home office deduction. As long as you use your home office entirely for your business, you can usually deduct it. This holds true even if your startup didn’t turn…
Can I Deduct a Swimming Pool as a Medical Expense?
People have gotten away with deducting all sorts of crazy expenses on their tax returns—like the depreciation on ostriches and the cost of clarinet lessons. And yes, people have also gotten away with deducting a swimming pool as a medical expense. If you plan to try it, it’s a good idea to speak with a…
When and How to Deduct Medicare as a Business Expense
Medicare health insurance may be less expensive than most private plans, but the premiums still add up to a considerable sum each year. This is especially true for high-income taxpayers and married couples who are both paying Medicare premiums. However, a CPA may be able to help you deduct those premiums as a business expense….