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For as long as the government has levied income taxes, there have been tax loopholes. One of the first, going back to the 1913 tax code, was the non-cash income exclusion. So, if the boss made your house payment, you didn’t pay income taxes on that portion of your salary.  

Alas, that loophole is long gone. But there are many others that many people frequently. So, the IRS generally does not even ask questions.

 

Yacht or Second Home

If you have the cash to make one of these major purchases, you are almost certainly looking for ways to reduce your income tax liability. These items are extremely straightforward. Two houses means two property tax and other payments. To … Read more →

Blame it on immediate gratification. It’s tempting to hold onto your cash throughout the year and worry about paying the piper at tax time. But according to a recent report, insufficient withholding in 2018 will force many taxpayers to pull out their checkbooks in 2019.

If you’ve been following our blog you’ve noticed we’ve spent a significant amount of time discussing new tax laws and the effects they are going to have on all taxpayers—especially business owners. Pay attention to the changes and act now to avoid digging your business into a hole. Next tax season will be too late.

In addition to new tax rates, the TJCA made serious changes to itemized deductions you may have normally claimed on … Read more →

Do you have a retail or service-oriented business? In either case, you’re aware of how competitive the marketplace has become. Staying in the pink is not as easy as it used to be, is it?

 

Speaking of pink, have you heard of the Pink Tax? If you have, and you think this strategy helps raise your bottom line, it’s about to catch up with you. We’ll tell you why later in this article.

 

If your business is surviving or thriving, there’s something you’re doing right. However, in this competitive marketplace, your success will only continue if you stay on top of current business trends.

 

That means not only going with the flow, allowing the current to carry … Read more →

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