The personal and business life of a tax strategist to the rich, business builder, owner, writer, social entrepreneur.
As the year comes to an end, it’s time to start thinking about US tax strategies for year-end. There is still some time to get things done, but remember your tax strategies need to be in place before the end of the year. You can’t plan in 2012 for 2011 taxes.
Here are some ...
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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. Ask most business people their most horrendous business story, and it will almost always …
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. When you are an employee, your deductions are limited. That’s because the governmen…
Earlier this month, the IRS sent out over 21,000 letters to tax preparers reminding them of the penalties for tax return fraud. The letters were right on the borderline of being threatening. Now we’re learning that the IRS is planning to follow up with visits to 10% of those tax preparers. And ...
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I’m not a fan of Schedule C (Sole Proprietorship) businesses for 3 big reasons:
They will cost you more in tax.
They put everything you own at risk.
They are more subject to audit.
And I know there are 2 reasons why people will probably always continue to use them:
Schedule Cs are way easier then ...
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