I am writing today to bring to your attention a crucial aspect of business tax deductions: mileage logs. In most court cases, taxpayers lose vehicle expense deductions because they cannot present a credible business mileage log. The IRS code forbids deductions for vehicle expenses when taxpayers cannot prove the mileage and provide an adequate record.
I wanted to take this opportunity to touch base regarding the federal income tax rules on the “kiddie tax” and its potential impact on your financial strategy for your child(ren). In brief, the kiddie tax was enacted by Congress to prevent parents from passing investment income to their children, who typically have a lower tax
I hope this letter finds you well. I am writing to discuss some important information regarding your potential home-office tax deductions. As an owner of a corporation and an employee within that corporation, you may be eligible for a home-office deduction if you use the office in your home for the convenience of your employer
If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But the tax savings may be a mirage if you don’t pay your spouse the right way.
As an integral part of our commitment to keep you updated on matters that could affect your financial decisions, we want to inform you of recent changes and available incentives on electric vehicles at both the federal and state levels. While lawmakers extended the federal tax credit for personal-use electric vehicles through 2032, they restricted
For the past few weeks, I have received questions about the Section 105 medical reimbursement plan from my self-employed and solo C corporation owners. Below are the main points from my answers. When you have multiple businesses, all employees across these businesses are considered your employees under the Section 105-HRA plan. If you have more