by Bill Houston | Jan 28, 2022 | Uncategorized
One of the best reasons to start a new business is to be able to move some of your personal expenses under your business umbrella and make them deductible. This is not an article about tax evasion. This is about using the tax code to your advantage to minimize the...
by Bill Houston | Jan 22, 2022 | Uncategorized
Business deductions are just that. They are expenses incurred in the operation of your business. The IRS says they have to be ‘ordinary and necessary’ for your business. The IRS doesn’t define ‘ordinary and necessary’ well but common...
by Bill Houston | Jan 22, 2022 | Uncategorized
When you file your taxes at the end of the year, you can file a sole proprietorship on a Schedule C, a C Corporation on a Form 1120, an S Corporation on a Form 1120S or a partnership on a Form 1065. There is no tax form for an LLC. If your business is registered...
by Bill Houston | Jan 3, 2022 | Business Deductions, Uncategorized
If the IRS determines that your business or investment activity is not conducted as a for-profit business, IRS Section 183 limits deductions to the amount of income from the activity. They will classify your activity as a hobby, and unlike a business, hobby losses...
by Bill Houston | Jan 13, 2021 | General Tax Info
Now that we have the results of the elections, I think we can say with certainty that taxes will rise. Democrats now have thin control of the Senate and the House along with the Presidency which will allow Biden to pass at least some of his proposals. Here are some of...
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