Tax Resources

Tax Free Income?

You work hard for your money. Whether it’s running your own business or working for someone else, you know that you’ve come by every penny honestly. And while you’re more than willing to pay your fair share in taxes, you don’t want to pay more than what’s absolutely necessary.

Fortunately, there are a number of ways to create tax free income. Even if you don’t itemize deductions, you can still see significant tax savings in certain areas.

Here are some tax free income possibilities you might consider, especially if you’re right on the cusp of a higher tax bracket:

Obtain a cash rewards credit card. When you get cash back from a credit card, you might say… Read more →
Standard Mileage Rate or Actual Expenses?

Standard Mileage Rate Question:

“I am doing a long term contract out of state 6 month. Car rental was to much, so I purchased a vehicle. Can I use the section 179 deduction how much of the vehicle purchase price can I deduct, and how much of my millage can I write off and are they different things. I pretty much drive the car to and from my apartment and work, to go eat or to the movies, or anything I would use my car at home for.”

Answer:

Certified Tax Coach, Eric Levenhagen, CPA CTC

Deducting the cost of your car and deducting mileage are two different options you have when taking vehicle … Read more →

Are you Deducting Your Housekeeper?

Home Office Deductions

When you have a home-based business, time is truly precious. Sure, you have the flexibility to do things that people who work a nine to five job can’t do, and have the several home office deductions available, but you also often wind up working much longer hours, too. By the time you’re done working, there’s so little precious time to spend with family, the last thing you want to do is clean the house. For many small business owners, a housekeeper is just the solution they need.

Not only that, if you have a home office where you have customers or clients visit you, you want to make sure everything is tidy … Read more →

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