There are two ways to look at taxes: a periodic expense outside your control or an opportunity for creative problem-solving. Most taxpayers choose the first option, but that doesn’t mean you have to take the same path. With the right partners, it is possible to bring your tax bill down. That keeps more of your hard-earned cash in your pocket, where it belongs.

The biggest challenge is that tax law is shockingly complex, even with the Tax Cuts and Jobs Act of 2017 (TCJA) in place. Identifying opportunities to save, creating comprehensive tax minimization strategies, and executing on those strategies while staying on the right side of the law isn’t for the faint of heart. However, if you are willing … Read more →

“I’m sorry, officer. I didn’t know the speed limit was only 25 in a school zone.”

When is the last time that one worked for you? Right. Ignorance of the law is no excuse.

It usually doesn’t fly with the IRS either. Despite this, the tax court issued an opinion suggesting that, in some cases, ignorance can indeed be bliss. Well, maybe not bliss, but it can be a valid excuse—at least to escape certain accuracy-related penalties.

For example, a California couple that botched the tax treatment of the short sale of their former residence was found not liable for accuracy-related penalties. The judge found that the actual basis for the holding was that the IRS “failed to meet the … Read more →

As a small business owner, you do everything you can do to remain profitable. You carefully watch expenses, you work long hours, and you strive for efficiency.

One of the expenses you can’t avoid as a small business owner is taxes. If your business makes money, you’re going to owe taxes. Fortunately, there are plenty of small business tax deductions available that help.

Here are some of the most overlooked small business tax deductions, and what you can do to take advantage of them:

Child Labor Of course, we’re not talking about sweatshop conditions for poor inner-city children here. We’re talking about putting your own family to work in your small business. Depending on the amount that you pay your… Read more →

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