Tax Preparation – For Your Small Business
You might be thinking, "Tax filing is several months away, why blog about it now?" However, fall is the perfect time to begin, if you have not already done so,…
A Practice That Will Keep You Sane
Are you a numbers person? I'm not. Keeping track of finances is one of my least favorite things to do. But, as a small business owner, numbers person or…
How & When to Deduct Business Travel Expenses
From time to time a real estate agent may travel away from home to attend a conference, seminar, or conduct other business related activities. On these business trips, you may be…
How to Prepare for a Tax Audit
In the back of every business person’s mind is the potential for a tax audit. Don’t wait until that day comes, be prepared in advance and be familiar with the…
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…
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…
Why Promotional “Giveaways” Should be $4 or Less
Giveaway Items – why business professionals should keep them at $4 or less per item. Giveaway items that you use to publicize your business (such as pens, coffee cups, T-shirts, refrigerator magnets,…