The personal and business life of a tax strategist to the rich, business builder, owner, writer, social entrepreneur.
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. If you have a partner in your business and have ever had a conversation about saving taxe…
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. The term “passive income” gets thrown around a lot. From a tax perspective, t…
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. If you control multiple corporations, you probably have a controlled group issue. It̵…
The following is an excerpt from the book Smart Business, Stupid Business, written by Diane Kennedy of US TaxAid and Megan Hughes of Smart Business Incorporation. There has been significant case law supporting the Bardahl formula, which basically says …
The IRS has released their ‘average’ write-offs based on income. There is no hard and fast rule on how much you can deduct before the audit bells go off, but usually you’re safe if you stay at or under the average amount.
Adjusted Gross Income under $15,000: Taxable income is $2,739, Interest Expense ...
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