The rental loss is automatically defined as passive loss which may not be offset against your ordinary income (such asW-2 or business income) when your adjusted gross income is over $150,000. Even your income is not to the point phasing … Read More
SK Accountancy Blog
Stay up on how tax and accounting news is affecting you and your business
2016 Last-Minute Tax Planning Reminder – Health Insurance
If you are running your business as S-corporation, one of the common mistakes is you have not included the premium in your W-2. The rule requires you have the S-corp pay for the medical premium, but then you need to … Read More
Putting Sign or Vinyl Wrapping on Your Car
A lot of business owners think it will be good proof to IRS that their cars are for business use as they wrap the vinyl to make the cars as business cars. Also, they think 100% tax deductible should be … Read More
How To Deduct Long Term Care Premium
If you are small business owner, you may not want to overlook this tax benefit! Have you paid for long term care premium? That could be 100% tax deductible if you are business owner. For taxpayers who are employed, they … Read More
Personal credit card used for business
When we perform our clients’ bookkeeping, it is quite common to see they use their personal credit cards for business expenses. Since they use the cards exclusively for businesses only, they pay the balance dues by business checking accounts. Are … Read More
Non-taxable rental income?
In general, rental income is taxable. There is exception. I am happy to explain it to you. If you rent out your home, partially or the whole house, for less than 15 days during the year, this short-term rental income … Read More
What Ratio Do You Care?
The importance of the preparation of financial statements is widely overlooked. Many small business owners need their balance sheets and statements of profit and loss simply for compliance purpose. It’s like doing it for the seek of pleasing IRS only. … Read More
Can Meal be 100% Deductible Part 2
If you like the post about deducting overtime meal 100%, you will love this post because I want to show you when you can deduct meal 100%. Again, in general, if you take employees out for meeting, the business meal … Read More
Can Meal be 100% Deductible?
Most of the small business owners know business meal is only 50% tax deductible. Is there any exception to deduct 100%? The answer is YES. I am going to share one of the exceptions with you today. Dinner for Employee … Read More
Is Vacation Tax Deductible?
Whether you run a small business, or own an investment property, it is quite common to have overnight business trip. You know the travel expense is tax deductible. However, when it is not 100% for business, is combining some personal vacation … Read More