Bunch itemized deductions. Many expenses can be deducted only if they exceed a certain percentage of your adjusted gross income (AGI). Bunching itemized deductible expenses into one year can help you exceed these AGI floors. Consider scheduling your costly non-urgent medical procedures in a single...
Accelerate deductions and defer income. Deferring tax is a cornerstone of tax planning. Generally, this means accelerating deductions into the current year and deferring income into next year. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses,...
Partnerships and Agreements Each state (with the exception of Louisiana) has its own laws governing partnerships which are contained in what is normally called “The Uniform Partnership Act” or the “Revised Uniform Partnership Act”. These statues spell out the rules that apply to partnerships in...
When traveling on business do you know what receipts should you keep? Hotel/Motel, rental cars, tips, airfare, trains, tolls, cabs, and food. Your food is limited to a 50% deduction but the other items are fully deductible. ...
Organizational Forms - Creation and Considerations- Which one should I choose??? According to the Missouri Small Business and Technology Development Center (published on the website KCSourcelink.com), they have produced a list of advantages and disadvantages of each form of business organization. Sole Proprietorship A sole proprietor is a...
Always Always ALWAYS check every line of your bills every single month. Today I reviewed one of my bills and saw additional services added that I had not authorized. Quick phone call to customer service is saving me $31 a month or $372 a year....
State Tax Deduction. This deduction includes all of the state taxes you paid this year – what you paid during the year plus any amounts you owed for the prior year. For example: Did you owe taxes when you filed your 2013 state tax return...
Running any business is inherently risky and that goes for any type of business whether it is a kid’s yard mowing business or a Fortune 500 corporation. Each business has its own level of risk and the types of risk can be categorized into...
Wishing everyone a great cash flow weekend! ...
