by Bill Houston | Jan 27, 2020 | Business Deductions, Reduce Your Taxes
There are a number of reasons to convert your business to an S Corporation but the most common is to reduce self-employment (SE) taxes. Any one operating their business as a sole proprietorship or an LLC taxed as a disregarded entity (fancy way of saying sole prop) or...
by Bill Houston | Jan 17, 2020 | Business Deductions, Uncategorized
A home office can eliminate the ‘commuting’ portion of your trip, adding additional deductible business miles each day. Is it worth it? You bet. An additional 30 mile round trip can add up to over 4000 additional deductible business miles a year worth...
by Bill Houston | Jan 16, 2019 | Business Deductions
Starting up a business is exciting, but can be a confusing task. There can be a number of traps that can result in extreme frustration down the road and could cost you money. We help dozens of people setup a business or change their entity each year at very...
by Bill Houston | Sep 24, 2017 | Business Deductions
Taking a deduction for home office expenses is trickier for an S Corp business but it it still a legitimate deduction if done properly. It is important that you carefully structure the relationship between yourself and the S corporation. Done properly, the deduction...
by Bill Houston | Jan 8, 2017 | Business Deductions
It’s not too late to record your year end mileage to get that tax deduction for 2016 and start your mileage record for 2017. Either estimate the Dec 31 mileage or use today’s mileage as your 2016 and and 2017 beginning. What is important is you write it...
by Bill Houston | Dec 21, 2016 | Business Deductions
2 of the most valuable deductions for home businesses are the mileage deduction and the home office expense deduction. Both of these can be lost by not understanding one simple rule, and that is your home office must be used exclusively for your business. That means...
Recent Comments