If you need a new vehicle for business use, you do not want to overlook the tax benefit. Consult your CPA to ensure you can enjoy the tax benefit. The good news is if you are buying a new or … Read More
Author Archives: Sam Kan
Tax benefits in hiring your kids to work
I have a business client who has been paying allowances to his kids in exchange for their work during the summer time for years. The business client thought it would have been incurred more tax (payroll tax and income tax) … Read More
Unfiled tax returns? Back Taxes and penalties?
If you have not filed tax returns which are past due, you have to take action now to fix it. IRS might react slowly and the problem of those late filing seems not hurting you right now, but it could … Read More
New deadline for filing 1099 in 2017
If you pay your service providers over $600 per year, you may need to report the payment to IRS via 1099-MISC if the service providers are not corporation. The filing of 1099-MISC to the recipients remains unchanged which is still … Read More
Important 2016 tax saving you don’t want to miss if you are about to …..
If you are the owner of a non-residential property, you know the regular depreciation over the improvement is 39 years. Today I want to give you a good news enacted by Protecting Americans Tax Hikes. If you use the commercial building for business … Read More
Can S-Corporation save you tax?
If your sole proprietorship business brings you about $100,000, you may want to read this article as you may be able to save $4,000 self-employment tax annually! Sole Proprietorships As you may know Sole proprietorship is not a separate legal … Read More
Who you can claim as your dependent?
Claiming a dependent gives you a valuable tax break in dependency exemption, which works just like a tax deduction. The exemption amount for each dependent is $4,000 for year 2015. It is adjusted each year for inflation, and is also … Read More
You have various institutions like law firms and accounting firms which bill by the hour. I'm really against that. You have an incentive to go slowly, be there as long as possible, to over-research things and over-staff.
Why Do Small Businesses Need Financial Statements?
There are few questions more shocking to an accountant than “Why do we need financial statements?” Years of specialization and familiarity lead most accountants to take the answer to this question for granted. Indeed, when asked this question, many accountants … Read More
What Can I Deduct as a Business Expense?
In his days as a lawyer traveling the Eighth Judicial Circuit, Abraham Lincoln once asked an adversary in court, “How many legs does a sheep have?” The man replied, “Four, of course,” Lincoln went on to ask “And if you … Read More