Is the mileage rate worth the effort?
If you use your own vehicle for business purposes, you may be able to deduct a percentage of your driving-related expenses from your taxable income. To do so, you’ll need to keep an accurate record of your business-related driving and activities. Many business owners use the mileage rate thinking it is the best option to put […]
Round ’em Up and Shake ’em Down
Last month, Hollywood brought back the classic western with a remake of The Magnificent Seven. It’s a tale as old as the West itself. An evil land baron terrorizes a town to satisfy his insatiable greed . . . and a ragtag squad of outlaws rides in to the rescue. You might be surprised to […]
Moneyball? Ehhh, Not Really
America is a nation divided. Cat people vs. dog people. Trump people vs. Clinton people. And last week, we discovered a new gulf to bridge: “Brad” people and “Angelina” people. That’s right, Brad Pitt and Angelina Jolie are filing for divorce after two years of wedded non-bliss. Will the “Brangelina” breakup turn into a fight […]
Zero Tax Thirty
Matt Bissonnette grew up in a dinky flyspeck of a town off the Alaskan coast that you can’t get to without a boat or a plane. He ultimately escaped to join SEAL Team Six, the Navy’s most elite counterterrorism force. He took part in the 2009 mission to rescue Captain Mark Phillips from Somali pirates, […]
Ahoy, Mateys!
Labor Day has faded into memory, and before you know it, the holidays will be here. Halloween, Thanksgiving, and the year-end Christmas/Hanukkah/Kwanzaa cavalcade of commercialism are the obvious “Big Three.” But in all the holiday season hype, it’s easy to overlook a newer celebration that grows more popular every year. We’re talking, of course, about […]
Trash or Treasure? Donations For Tax Deductions
When it’s time to clear the clutter from your home office, you’ve got three choices: trash it, garage sale it, or donate it. I suggest going with the easiest option of creating donations for tax deductions. I think it’s safe to say we can all agree that we already have too much in our landfills. A second option might […]
Get Big Bang For Your Small Home Office Space
When you’re setting up your home office, it might seem easy to put a table and chair in a room and claim it to be your work area. However, the IRS has more specific qualifications on the space usage to qualify for the home office deduction. In order to get a home office deduction legitimately, there […]
How To Take The Most In Home Office Deductions
Home office deductions are a great way to make normally nondeductible expenses like rent and utilities partially deductible. Here are some things to remember in order to take the most deductions for your home office. 1. Is your home office space “exclusive”? The number one keyword here is “exclusive”. In order to take home office deductions […]
How To Get The Residential Solar Tax Credit
Are you a home owner that wants to save on energy costs? Are you a business owner that is concerned about your carbon footprint? Lawmakers have a tax credit just for you. The residential solar tax credit gifts homeowners who install a solar water-heating system and/or a solar electric system. You’ll get a hefty 30 […]
Red Tax Rising
Novelist Tom Clancy shot to the top of the best seller lists when former president Ronald Reagan called his debut, The Hunt for Red October, “the best yarn.” His stories featuring CIA analyst-turned-president Jack Ryan redefined the “techno-thriller” genre, with hyper-realistic plots that foreshadowed real-world developments. Clancy earned special praise for his obsessive attention to […]