You’ve finally done it! The kids are out of the house, you’ve finally gotten your finances under control, and you’ve built up enough home equity to pay cash for a home in some parts of the country. Now what? If you’ve thought about relocating to a place with a lower cost of living to reduce your expenses, what happens to your tax bill when you move?

It depends on what you do with your existing home.

Sometimes, simply selling the property might be the best option. You can maximize the gain exclusion ($250,000 for singles, $500,000 for married filing jointly). This exclusion will save you up to $75,000 in tax. If your profit on the sale is higher than these … Read more →

If you’re wondering what the single biggest expense is for your business, think again. It may surprise you!

As a business owner you’ve already experienced the benefits of self-employment. You know what I mean: no schedules or performance reviews, a steady income for expenses and extras, total control over your tax bill, and more qualified, capable workers lining up for your next job opening than you could ever hire.

Sound familiar? Well, at least it sounded great when you laid out your options on paper before taking the entrepreneur plunge.

If some of those benefits haven’t worked out like you’d planned, you can still take steps today to seize control over your single biggest expense for your business: taxes.

You’ve … Read more →

By Dominique Molina, CPA

Ever notice how many negative concepts are associated with automobiles: traffic jams, road rage, rising fuel prices, gas-guzzlers, collisions, traffic court? The list goes on and on! Here is some good news about how your automobile can help lower your tax bill.

The Tax Code allows us a tax deduction in an amount equal to either the standard mileage rate or actual expenses for each mile we drive related to business. But have you ever wondered which would help lower your tax bill?

Standard Mileage Rate versus Actual Expenses

With the oil prices rising as fast as I drive on the freeway (I mean – I ALWAYS drive the speed limit officer) have you ever stopped … Read more →

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