⦁ At Kansas Amusement Parks, boarding a hot air balloon that’s still attached to the ground is subject to an ironically named “amusement tax.” If the balloon is released, the ride is tax free. ⦁ New York takes a shmear out of your wallet adding an 8-cent tax for slicing, spreads or other additions, while not taxing a plain uncut bagel. Go figure! ⦁ Colorado is no place for klutzes!… Read More
The Best Strategies for Proving Business Travel Expenses
Whether you are a business owner claiming travel costs for a corporation or proprietorship, the rules governing receipts, business reasons, and canceled checks are the same. Keep your sanity intact by staying on top of things as you go along instead of leaving everything until April 14. Don’t overlook smaller travel expenses like the costs of baggage and shipping of business items needed at your travel destination; tips to waitstaff;… Read More
QUICK! Take Advantage of these End of Year Deductions!
It’s not too late for business owners to make strategic tax deductions before the end of this year. Here’s how: Prepay expenses using the IRS safe harbor allowing cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance. Qualifying expenses include lease payments on business vehicles, rent payments on offices and machinery, and business and malpractice insurance premiums. Stop Billing Customers, Clients, and Patients until after… Read More
Will Your Atlanta Company Be Giving Year-End Bonuses?
The plot to one of the most iconic Christmas movies of all time, Christmas Vacation, centers on one holiday hope: the year-end bonus. Clark Griswold, as “the last true family man”, decides he will use his promised year-end bonus to install a pool in his family’s backyard. When the dream fails to materialize, Clark gets upset at his boss and explains how he was planning on the bonus for his… Read More
Your retirement is one year closer – Have you planned for it?
Your retirement will be one year closer in a few weeks so how can you plan your tax reductions strategies around that as well as protecting your 2024 (and beyond) earnings? Here are five opportunities you may have overlooked: ⦁ If you have employees, establish your 2023 retirement plan before December 31 so you and your employees can make employee contributions for this year. If you are a sole proprietor… Read More
Are your ERC Claims Legitimate?
Although the ERC offers businesses potential tax credits of up to $26,000 or more per employee up to 10 employees, some ERC cheaters and scammers have driven the IRS to: ⦁ Stop processing new claims until after December 31, 2023. ⦁ Issue a Circular 230 warning to tax pros. ⦁ Release IRS Forms 3949-A and 14242 to report cheaters, and more. If your ERC claims (whether filed or unfiled) are… Read More