Wealth Builders Weekly Tax Tips
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Can Home-Office Tax Deductions Include Garage Space?
Do you claim a tax deduction for a home office? Should you include or exclude your garage space in your calculations of business-use percentage? Home-office tax deductions require a look […]
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How the Law Decides If Your Travel Day is Personal or Business
If you operate a business and you travel to a business location where you spend the night, you are in travel status, but will tax rules make this a business […]
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Deduct 100 Percent of Your Business Meals Under New Rules
New 100 Percent Meal Deduction Since 1986, lawmakers have limited business meal deductions: first to 80 percent, and then to 50 percent (unless an exception applies). But on December 27, […]
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Self Employed During the Pandemic? Washington Did Not Forget You
You report your business income as self-employed on Schedule C of your Form 1040 if you receive 1099 income, operate your business as a single-member LLC and did not elect […]
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IRS Arrives with Tax Assessor’s Allocation to Land and Building
Question I own rental property, and I just left my first IRS audit. The IRS auditor arrived at the audit with the county tax assessor’s land and building values assigned […]
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New Law: Time to Benefit from the Work Opportunity Tax Credit
As you know, tax credits are the best. Suppose your business hires a member of a targeted group. In that case, you can claim the potentially lucrative federal Work Opportunity […]
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Know These Four Magic Business Mileage Rules
When you know the rules related to business mileage, you protect yourself in the event of an IRS audit, and pay less tax. Take Henry, for example. Before he knew […]
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Double Benefits: Claiming Both the ERC and Tax-Free PPP
First, say thanks to the Consolidated Appropriations Act, 2021 (CAA), enacted December 27, 2020. It opened the door (retroactively and going forward) for Paycheck Protection Program (PPP) participants to also […]
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Can You Claim the ERC for the Owner of a C or S Corporation?
Members of the tax community struggle with the “solo corporate owner” qualification for the employee retention credit (ERC). In their recently published The Employee Retention Credit Guide, authors Alan S. Gassman, […]
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PPP Extended – Act Fast or Miss Out
Good news. The PPP Extension Act of 2021 makes Paycheck Protection Program (PPP) monies available until the earlier of May 31, 2021, or when the money runs out. According to […]