A business cannot deduct personal auto expense

Posted Leave a commentPosted in Small Business, Taxes

Again today a business owner asked me to deduct his auto mileage expense on his business tax return. That’s not how it works! A partnership, S-Corp or C-Corp generally can not deduct the cost of personal auto expense. There are workarounds but we need to discuss and actually set it up. I covered the topic […]

Coping with loss of security in the gig economy

Posted Leave a commentPosted in Employee Benefits, self-employed

Forbes published an article yesterday on the important topic of the gig economy and, in general, the loss of financial security and employment benefits that accompanies this trend. This is a huge issue in out lives that, in my opinion, is not getting nearly the attention required by advisers like me. It is foolish for […]

Great advice from IRS

Posted Leave a commentPosted in IRS

This comes directly from an IRS email: “Offering time-saving alternatives to a telephone call, the Internal Revenue Service reminds taxpayers they can get fast answers to their refund questions by using the “Where’s My Refund?” tool available on IRS.gov and through the IRS2Go app. The IRS issues nine out of 10 refunds in less than […]

Rest in power @1pissedPolack

Posted Leave a commentPosted in Leadership, Off-Topic, Social Media, Values, Writing

Amy Jean Wojtaszek, age 44, of Aberdeen, Maryland died this past weekend. I knew her only on Twitter as @1pissedPolack where she was a powerful activist with over 44,000 followers. I was just one of them, often amazed by her world view. But I actually cried when I read a eulogy that said “rest in […]

Employee vs contractor; more misclassification risks

Posted Leave a commentPosted in Accounting, payroll, Small Business

“Employee misclassification is a major issue. Employers who misclassify employees are failing to provide unemployment insurance and workers’ compensation. Those employers can also leave workers with large employment tax liabilities.“ This new article delivers information on even more risks. Correct handling of worker compensation is not so difficult or expensive. It doesn’t make sense to shortcut this […]

Getting your taxes filed is as easy as sending a text!

Posted Leave a commentPosted in Taxes

Clients increasingly prefer to contact me and send tax documents via text message. That’s fine. SMS text messages and attachments are considered secure for most purposes. I just want you to know that there is a more secure delivery method available if you prefer. I offer, at no charge, a secure online portal for transmitting and […]

Don’t get angry, get tax free

Posted Leave a commentPosted in Retirement, Tax Planning

A wave of recent media reports indicates that a large number of taxpayers are angry this filing season. Some people point out that the public reaction is illogical because the total amount of income taxes actually is actually lower for most people. Yet there may be good underlying reason for that anger. Originally we read […]

Should I convert from an S Corp to C corp?

Posted Leave a commentPosted in Small Business, Taxes

The majority of my business-oriented blog posts here take on a complex topic and re-frame the subject it in more simplistic terms for the purpose of opening a discussion from the perspective of small business management. This is exactly the purpose of this blog post. There is no attempt here to capture or even summarize […]