There are other options if you qualify but let’s start with what you should do if at all possible when you first realize you cannot pay your full tax bill when you file your taxes. The first thing you can do right after you file is to apply for an...
Mike Albuquerque
3 Useful Schedule C Elections: Which One Is Best for Your Small Business?
Introduction The Small Taxpayer Safe Harbor and the De Minimis Safe Harbor are two simplified methods for accounting for business expenses that are available to small businesses. These safe harbors can help businesses to save time and money on their taxes. In this...
What the IRS Considers to be Frivolous Tax Positions and Deductions
The IRS considers a tax position or deduction to be frivolous if it is: Clearly contrary to the law. This means that the position or deduction has no legal basis whatsoever. Patently improper. This means that the position or deduction is so absurd or...
Does it really matter if I contribute too much to my 401(k) or IRA?…Short Answer… YES!
Why it matters if you contribute too much to a 401(k), IRA, or Roth IRA Contributing too much to a 401(k), IRA, or Roth IRA can have significant financial consequences. Here are some of the reasons why it matters: Taxes: You will need to pay taxes...
How to Deduct Health Insurance as an S Corp Owner
Eligibility To deduct health insurance as an S corp owner, you must meet the following criteria: You must be a more-than-2% shareholder of the S corporation. You must be an employee of the S corporation and receive wages from the S corporation. The health insurance...
Your State May Have an Additional Child Care Credit
As most parents will tell you childcare is expensive and leaving your child is STRESSFUL if you cannot find or afford a caregiver or school you trust with your precious child. Unfortunately, according to care.com, “More than half — 59% — of parents say...