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Want the attention of the IRS? All you have to do is make personal transactions on your business account. RED FLAG!

It’s called commingling funds, and it can get you into big trouble at tax time.

No, pleading ignorance will not save you.

What’s The Difference?

Expenses associated with personal products or services, living expenses, or family expenses are not business expenses and generally non-deductable. Buying a new TV, even if you watch a program or two focused on your industry, is no more a business expense than taking Grandma to dinner.

However, if you have expenses that are partly personal and partly business, as long as you divide the total cost appropriately, the IRS permits deduction of the business … Read more →

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 your 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 use. 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 mean two property taxes and other payments. To … 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 you, but also … Read more →

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