The following Small Business Start-Up Checklist is provided as a guide for those considering a new business venture. Prior to beginning any business venture, it is important to understand the challenges that lie ahead. http://scottestill.com/bsiness-start-4/ [...]
Tax Planning for Retirees & Charitable Giving Retirees (over 70 1/2 years old) can obtain a tax benefit from charitable contributions even if they can't itemize deductions! It's been estimated that the number of people [...]
How to Obtain the New 20% Tax Deduction for Rental Properties New Section 199A of the Internal Revenue Code gives many business owners a 20% personal tax deduction from the overall net income of the [...]
Business meal expenses and tax deductions for businesses The 2017 tax bill impacted businesses in many ways, many positive. However, one very negative feature of the bill was the elimination of a tax deduction for [...]
Using Gifts and Roth IRAs to Achieve Major Tax Savings Here is the scenario: Matt is 17 years old and earns $6,000 during 2018 in wages from summer and after-school jobs. With the earned income, [...]
Making Weight Loss Programs Tax Deductible In general, the costs associated with diets are not tax deductible. For instance, the costs of special diet foods, meal replacements for lower calorie foods, supplements and other [...]
IRS Targeting S Corporations in new Audit Program The IRS has been targeting S corporations for many years, often to determine if the corporate shareholders are properly reporting all income on their personal tax returns. [...]
Tax Planning Tips for Businesses and the New Section 199A. The IRS has recently issued 184 pages of regulations concerning a few provisions of the brand-new (in 2018) Section 199A of the Internal Revenue Code. [...]
Paying Management Fees from one of your Businesses? Beware the Tax Rules A recent Tax Court case (Little Mountain Corporation v. Commissioner) had to deal with a family that owned several different businesses (with common ownership). These [...]
New Tax Issues for Online Retailers If you sell any products (but not services) via your website, you may now have additional tax issues concerning sales taxes. Considering the recent US Supreme Court ruling, online [...]
