It’s still not too late to donate to charitable organizations for the 2020 tax deduction if you can do it by 12/31/2020. There are a few ways you can deduct charitable contributions in your tax returns 1.Donating your cash As … Read More
Taxes
$0 or 20% of business income deduction?
It’s important to do tax planning before December 31, you might lose certain deductions if you don’t plan properly. You could deduct 20% of your qualified business income (QBI) if you plan ahead. If you are married filing jointly and … Read More
Bad Consequence of Improper Reimbursements
If you are operating your own business, you may pay certain business-related expenses by yourself occasionally. You can certainly claim reimbursement from the company. Your expectation is to let your company reimburse you so that the business expenses can be … Read More
Business Vehicle Deduction for 2019
Do you need additional tax deduction this year? Do you need to buy a car for your business use (more than 50% use)? If so, this is the article for you! The good news from the tax reform, Tax Cuts … Read More
How to claim home use office?
If you google home use office , you may find the form 8829. As long as you set aside a space in your home for business and use it regularly and exclusively , then you can deduct the home use … Read More
Free Help To Resolve IRS Issue
As a taxpayer’s right, do you know you may be able to seek free assistance representing you to deal with IRS issue? Such free help certainly is not from CPA firm nor tax attorney. I am not going to introduce … Read More
Claiming Your Dependents
Who are your Dependents from tax filing perspectively? This could be confusing to a lot of taxpayers. Can the dependent have his or her own earned income? Do they have to live with you? Is there any age limit? These … Read More
S-Corporation Compensation
The top two benefits of forming a S-corporation over sole-proprietorship are as follows: Set aside your investment into a separate legal entity to limit your liability Saving employment taxes (it could be widely named as self-employment tax, social security, medicare, … Read More
Implementation of hiring your children
Do you pay your children allowance in exchange for work (business work, not household work!), if so, this tax saving technique is perfect with you. Say if you hire your kid for work and pay them $5,000 annually on payroll … Read More
Should your business hold the title of vehicle?
If you have vehicle for business use (over 50%), you can choose to either put the title under your business or personal name. Both are acceptable from IRS, you need to determine based on a few different factors. The advantage … Read More