by Beth McGuire | Aug 16, 2017 | Business Tip of the Day |
The 2017 mileage rate is: A. .57 cents; B. .53.5 cents; or C. .54 cents? B. The mileage deduction was reduced from to .54 cents in 2016, and then again to 53.5 cents in 2017.
by Beth McGuire | Aug 15, 2017 | Business Tip of the Day |
Failing to pay quarterly taxes, or making payments that are consistently too low, can not only cost you in the form of penalties, but they’re also red flag an audit.
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.