Understanding the electric vehicles tax credit might seem overly complicated especially with some of the recent changes. That’s why here we’ll give you an easy explanation of the credit and how it changes based on when purchased. If you purchased your EV on 2022 or before, the credit will be subject to a certain set …
Here’s a strategy that will allow you to hire your children in your own business and reap multiple benefits. This strategy might be for you if you want your business to become an asset to your children’s upbringing. Your child could have the benefit of learning real-world work and business skills and developing a strong …
How To Hire Your Children, Deduct Their Payroll, and Benefit On Taxes Read More »
If you’ve ever wondered about the incentives to starting a home-based business this short article is for you. We’ll go over the tax advantages and how you could potentially cut your tax bill. We’ll also briefly go over the non-tax benefits of a home-based business. How Starting a Home-Based Business Could Save You in Taxes …
How Starting a Home-Based Business Could Cut Your Tax-bill Read More »
If you’re wondering how to get a juicy meals deduction for 2022, read on. We will also consider what the tax year 2023 will be like on this matter. With the Tax Cuts and Jobs Act coming into effect in 2018, there were some key changes for meals. Before 2018, the category “Meals & Entertainment” …
How To Deduct Your Meals For the 2022 & 2023 Tax Years Read More »
If you’ve ever wondered about the different tax professionals available to help your business, you’ve probably asked yourself what is an enrolled agent. In this article we’ll go over how they can help you and how they compare with the popular CPA designation. What’s the Difference Between EA’s and CPA’s The main difference between EA’s …
You’ve made a 50% ROI over a two year period on your stock portfolio and sold to realize your profits. Good for you! You’ve done a great job and you put in the work in your research! But what about taxes on investment returns? One consideration we often don’t go into is the fact that …
Investment Returns – Why Before and After Tax Matters Read More »
Accelerated depreciation methods are one of the many ways you can take advantage of tax deductions. They’ll lower your taxable income and ultimately help you lower your tax bill year-over-year. A capital asset is defined as property the taxpayer holds that is expected to generate value overtime. Over the course of its life it will …
How to Take a Larger depreciation deduction using the Double-Declining Balance Method Read More »