Triple Tax-Advantages of Health Savings Account The Health Savings Account (HSA) is a tax-advantaged medical savings account if you have a high deductible health plan. Like an IRA (Individual Retirement Account) or 401(k) retirement accounts, annual contributions are made until…
How much of your Home Internet is Deductible? If you do some work at home for your business, you are more than likely using your home internet connection. Ideally, you should keep track of how much time you use your…
Cash Flow Effect on Delayed Payments With any construction project, it is assumed changes and delays will happen. Contractors must protect their positive cash flow by diligently complying with the contract terms. When changes occur, are the changes covered by…
Include your Indirect Costs for Potential Projects When calculating your desired markup for estimating potential projects, ensure you are including indirect costs. Some people believe indirect costs and general and administrative costs are the same: they are not the same.…
Handling Unreimbursed Partner Expenses As a partner in a partnership, you cannot deduct any of the partnership expenses on your individual tax return—the partnership should pay for and deduct its own business expenses. But if your partnership agreement or business…
Staying with family and/or friends while on a business trip is allowed if you follow all three of these rules: Rule 1: Family and friends may rent a room or entire house/apartment for no more than 14 days during a…
The Advantages vs. Disadvantages of the S Corporation Entity First let’s define what an S Corporation is. After forming a corporation or an LLC, an election is made to be taxed as an S corporation. The S Corporation is a…
Only Real Property can be used in Section 1031 Like-Kind Exchange Are you considering selling your real property to purchase another real property? Would you like to defer your taxes or better yet make it tax free? Here are six…
Tis the Season for Charitable Contributions For the year 2021, the IRS has expanded certain charitable donations which may help you and your businesses increase your tax-deductible donation amount when donations are made by the end of the year. Don’t…
Six powerful business Tax deduction strategies The calendar year end is now upon us, and that means tax season is just around the corner! Will you benefit from all the expenses allowed to you and your business in 2021? Here…
