Tag Archives | what is a legitimate business expense

Are You Confused By Vehicle Tax Deductions?

Many business owners are stumped by the question of how and when to deduct vehicle use from their yearly income, and we know this because it’s one of the questions we hear most. The answer can be quite convoluted and vague when trying to research a solution from the IRS website and forums. The truth […]

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Should You Use Tax-Preparation Software, or Not?

You’ve seen infomercials boasting about free software programs that allow you (yes, you!) to file your own tax returns. But the question is: How reliable are these programs, and should you use them? The answer is pretty simple. If you have a general understanding of the US tax law and if you have enough common […]

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December Tips for Savings Accounts and Estate Planning

Are you looking to take advantage of any tax breaks available by the end of the year? It’s a good idea if you are positioned correctly. If you are a W2 employee, there is not much time left for you to augment your 401(k) savings. IRAs allow you to contribute until April 15, but 401(k)s […]

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What Purchases O.C. Small Businesses Should Make Before 2012

We’re counting down to the end of the year! It’s time to make those purchases that you’ve been putting off all year, but that you’ll know you’ll use in 2012, and for years to come. Do keep in mind that what you’re doing is buying a tax deduction—and spending money just to save money on […]

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Why Do You Have to Keep Your Receipts?

This is a question I get asked all the time: Why do I have to keep all these receipts? There’s one main reason: If you want to deduct it, you need proof. In the event that you’re audited, the IRS requires full documentation. Most people don’t understand that, when under audit, one of the rules […]

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