Did you know the fact your personal home is not your tax home is an income tax issue? How about this: business travel is different from business transportation. Confused yet? Don’t worry, I’m here to clarify! Your tax deductions, tax strategies, and tax records hinge on these federal income tax–defined terms: Personal home TaxContinue reading Tax Home vs. Personal Home
Mortgage Interest
I want to talk about something that could seriously affect your mortgage. So if you are a homeowner, pay special attention to what I’m about to tell you. The Tax Cuts and Jobs Acts changed how much you can deduct in mortgage interest for tax years 2018-2025. Here’s the breakdown: You no longer can deductContinue reading Mortgage Interest
Home Office – Avoiding Audits
We’re going to talk about that one topic every business owner fears: audits. Also known as, the “A” word. The idea of an audit can be scary and, of course, no one wants to deal with being audited. But check this out. If you filed your business tax returns as a sole proprietor and youContinue reading Home Office – Avoiding Audits
Deducting (and Loving) Emotional Support Animals
If you have an animal, whether it is a dog, a cat, or even a parrot — you know how important they are. They’re more than a pet, they’re a member of the family. They’re your secret-keeper, your best friend and so much more. And guess what? You can potentially write off their cost andContinue reading Deducting (and Loving) Emotional Support Animals
Prepaying Expenses – Deducting Your Rent
As the year winds down and comes to a close, you might be thinking there isn’t much left you can accomplish with your tax deductions. Well, that’s simply not true. I am going to give you some easy and effective ways you can take advantage of the end of the year. This is especially helpfulContinue reading Prepaying Expenses – Deducting Your Rent
Special Needs Education
Raising kids can be expensive! And, if you have to get specialized care for a child with special needs, it can be even more expensive. That’s why in this lesson, we’ll walk through how to deduct the educational costs associated with managing your child’s special needs as a health-related expense. Before we dive into theContinue reading Special Needs Education
