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Deduct Your Next Team Party This Holiday Season
Hi ! As a business owner, you know that every dollar counts. That's why taking advantage of all the tax deductions you're eligible for, including the 100% deduction for employee entertainment, is important. THAT'S RIGHT! You can deduct the full cost of your next team...
Horse Breeding: A Winning Business with Tax Advantages
Horse breeding is not just a passion; it's a business venture with the potential for significant financial gains. The Race Horse Cost Recovery Act of 2023 is a proposed legislation that aims to make the three-year depreciation schedule for racehorses permanent,...
$5 Million In Retirement But Losing Nearly $2 Million In Taxes
A $5 million nest egg is a significant amount of money, but it's important to remember that taxes can take a big bite out of your savings. If you're in the highest tax bracket, your $5 million nest egg could be taxed up to 37%. That means you could lose nearly $2...
Repair Expenses vs. Improvement Costs
Repair expenses are essential upkeep tasks that can be deducted in the same year, while improvement costs must be depreciated over the years. It means that repair expenses provide a game-changing upfront tax advantage. Examples: Repair expense: Fixing a leaky roof...
Individual Taxpayers Overpay Their Taxes by $104 Billion Each Year
In our previous email, we mentioned that 93% of small businesses overpay their taxes by at least $10,000 annually. But here's the surprising part: tax overpayments aren't just a problem for businesses; they're affecting individuals like you and me, too. Did you know...
93% of Small Businesses Overpay Their Taxes by an Average of $10,000
According to Forbes.com, 93% of small businesses overpay their taxes by at least $10,000. Are you in that 93%? If so, you're not alone. But there's good news! Our Tax Savings Assessment can help you identify and claim all of the tax deductions and credits that your...
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IRS Denies Clothing Donation Deductions Without Appraisals
In a recent court case (Bass v. Commissioner), the IRS upheld its requirement for an independent appraisal if the non-cash donation exceeds $5,000. It means that if you plan to donate clothing to charity and the value of the donation is over $5,000, you will need to...
Cut Your Tax Bill by Up to 20%
As a business owner or individual, you're likely feeling the pinch of rising costs and high inflation. Are you wondering how to combat the effects of inflation while improving your cash flow? Look no further! Our expert tax advisors have developed valuable strategies...