Should You Lease or Buy a Car?
A common question small business people have is whether they should buy or lease their vehicle. Let’s take a look at some of the Pro’s and Con’s of each. Generally, leasing a…
Which Method Should You Use to Deduct Auto Expenses?
There are 2 methods the IRS allows you to use as a small business professional to deduct your auto expenses. The “Standard” or “Actual” method. Which method is right for…
The “How” & “Why” of Virtual Bookkeeping
Many small business professionals do their own bookkeeping, some will hire a bookkeeper… but what about virtual bookkeeping? How does “virtual bookkeeping” work? Why & when should an agent consider a “virtual…
What Qualifies as Business Mileage for Tax Purposes?
Many small business professionals, such as Real Estate Agents, will typically spend a good part of the day in their vehicle conducting business in the local market… this article will…
Understanding Tax Deductible Operating Expenses
As a small business professional, there are many types and kinds of operating expenses. Rather than just list them all, it is best to understand the criteria of an operating…
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Why Avoid Buying Items Over $2,500
It’s all about something called “De Minimis Safe Harbor”… What is “De Minimis Safe Harbor” & Why Should You Care? De minimis safe harbor, allows you to deduct the entire…