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Bookkeeping Is Not That Important?

Let’s play a little game of true of false. True or False: “Bookkeeping is NOT that important.” False! Here’s another one – true or false: bookkeeping can help you cut your taxes Absolutely! Imagine my frustration when I saw that one of our clients had incorrectly recorded $100,000 worth of income. That was an elementary mistake, and it cost him …

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14 Tax Reduction Strategies for the Self-Employed

In some of our recent newsletters, you found a checklist with 14 tax planning ideas for the self-employed. The ideas expressed were simply one-liners. In the table below, you will find some of the nuts and bolts of implementing those tax planning strategies. Strategy: 1-Eliminate the word “friend” from your vocabulary. These people are sources of business from now on, …

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The Rich Take Out More Loans Than Ever

The rich are taking out more loans more than ever! Here’s how. ​Using low-interest loans backed by their investments, Rising stocks and rock bottom interest rates have delivered a big perk to wealthy Americans: cheap loans that they can use to fund lifestyles while minimizing tax bills. Banks say wealthier clients borrow more than ever before, often using securities-based or …

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Bookkeeping is Key To Making More Money

Bookkeeping is key in saving money. Did you know: -you can save an additional $150,000 when you use this specific retirement structure that’s specifically designed to help small business owners thrive? -you could do bookkeeping strategically so that it finds you opportunities to save and make more money in your business?  -your current business’s legal structure could be COSTING you …

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CFO Tip: How To Receive Tax-Free Income

CFO Tip: How To Receive Tax-Free Income? Three words. The Augusta Rule.What is the Augusta Rule?The Augusta Rule, known to the I.R.S. as Section 280A, allows homeowners to rent out their home for up to 14 days per year without reporting the rental income on their tax returns. Created to protect residents of Augusta, Georgia, who would rent out their homes …

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How To Reduce Your Taxes Today

Are you interested in reducing your taxes? The first step to doing so is to create a plan. While tax planning starts with a plan, this plan needs to be implemented legally, maintained, and reflected in the tax return. Here are the steps that we follow. 1- Planning: Planning is an essential part of our engagement. We are reviewing your …

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Tax Deductible Travel?

According to the I.R.S., when you travel to a business location, where you spend the night matters. But will the tax rules make this a business or personal night? This makes the difference between the travel being tax deductible or not. The rules also affect your costs during the day. When you have an overnight business travel day, you generally deduct …

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I Made A Mistake on My Tax Return. What Now?

If you made an error on your tax return, don’t worry—there are two easy ways to fix it: A superseding return A qualified amended return A superseding return is an amended or corrected tax return filed on or before the original or extended due date. The I.R.S. considers the changes on a superseding return to be part of your original …

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Are You Worried About An IRS Audit?

If you are enduring or about to endure an I.R.S. audit, you should know how your tax positions stack against the I.R.S. examiners’ positions. In most cases, you discuss the facts, not the law, and prove your facts with receipts, canceled checks, and logbooks. Once you get into the law, the rules of engagement work pretty much as I describe …

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We Beat The IRS

Lisa and Jimmy got audited by the I.R.S. This is what happened. They had an excruciating meeting with the I.R.S. Audit Results: The auditor examined their three rental properties, disallowed their losses, and told them to expect a tax bill for $55,000. Current score: I.R.S. $55,000 ahead. But one good thing happened during the visit. The I.R.S. agreed that Lisa …