by Beth McGuire | Aug 14, 2017 | Business Tip of the Day |
If your income is above $200K, your chances of being audited doubles from .85% to 1.75%, according to the 2014 IRS report.
by Beth McGuire | Aug 13, 2017 | Business Tip of the Day |
A. $15; B. $10; C. $5. Answer: C. You can deduct $5 per square foot with a maximum of 300 sq. feet with the Simplified home office deduction.
by Beth McGuire | Aug 12, 2017 | Business Tip of the Day |
Little known secret: A retirement plan that works well for agents is the Solo 401(k). You can save up to $54,000 ($60K for agents over 50) a year and deduct it from your taxes.
by Beth McGuire | Aug 11, 2017 | Business Tip of the Day |
Whether you’re doing your taxes yourself or you have an accountant. Understanding which expenses are allowed, like mileage and entertainment, will help you avoid overpaying on your quarterly and year-end taxes.
by Beth McGuire | Aug 9, 2017 | Business Tip of the Day |
Determine net income. Calculate self-employment tax. Determine itemizations. Subtract personal exemption. Determine federal tax rate. Subtract tax credits. Divide the tax due by the four IRS quarters. Don’t want the hassle? Download QuickBooks...