Tax Resources

Car Expense Tax Deductions

There are a number of significant tax advantages to having a business, not the least of which is your car expense tax deduction. Yet, if you want to lower your tax bill and get the highest possible savings, you need to know exactly how to handle this. If you do it right, you’ll drive your tax bill lower. If you do it wrong, you’ll turn the wrong way and could end up in a head-on collision with an IRS audit.

Here are some car-related expenses and approaches that could save you money by claiming a car expense tax deduction at tax time:

1.General business use. IF you have a vehicle that you use … Read more →

Profit or Loss From Business: Pro’s and Cons

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 profit or loss from 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 handling profit or loss from business, as well as some information you need to know:

•If you’re going to have a profit or … Read more →

Benefits of Implementing a Medical Expense Reimbursement Plan (MERP)

Heath care costs have risen at an alarming rate over the past several years. There is perhaps no one that’s been hit harder in this regard than small businesses. It’s difficult for a small business owner to cover their own health care costs, yet alone those of their employees.

Fortunately, there are some ways you can help contain your costs, and help out your employees as well: a Medical Expense Reimbursement Plan (also known as a “MERP”). While it doesn’t take all of the sting out of rising costs, it does provide you with a tax-free way to pay for medical expenses.

Here are some of the basics about the medical … Read more →

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