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From the perspective of your tax return, a business loss is a good thing. A business loss reduces your overall income, and thereby reduces your income taxes. For many small businesses, properly planning your tax strategy for the year means identifying whether you have a net loss for your business.

Of course, there comes some risk with having a net loss; the IRS can take an active interest in businesses with a loss, especially those that have a loss year after year.

Here are some smart strategies for deducting and preserving your business losses, as well as some information you need to know:

If you’re going to have a business loss, some deductions should be deferred. For example, you might… Read more →

Welcome back! This month we’re talking about all things tax related and tax terms. If you missed our other posts this month, we invite you to check them out now. To learn how to choose the right entity, click here. To find out how you can take advantage of some surprising tax deductions, check this out. And to get your arms around tax obligations you need to know about, look here.

This week we want to share some key tax terms you need to know to win the tax terms game. While your CPA is responsible for having a solid command of all tax-related terms, it’s important for, as the business owner to acquire at least a … Read more →

Q:   Considering the separation of write off expenses, is there a threshold or dollar amount when it becomes necessary or prudent to maintain a separate business credit or debit business account? Will the IRS look closer if you use a personal credit card for business expenses?

A: Business expenses are a gold mine for tax savings! The trick is using a system to maintain the necessary records. The centerpiece of your system is your appointment book. That’s where you document the business purpose of each activity and where the receipts can go until you get to the office. A separate credit or debit card account for business expenses will make your recordkeeping life easier. It’s not the IRS that’s your … Read more →

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