Vehicle Deductions for Business Owners: Actual Expense vs. Mileage Rate
Tale of the Tape
When it comes to business vehicle tax deduction rules, every business owner eventually hits a fork in the road. You can take the easy route by…
Qualified Business Income (Section 199A) Deduction Explained Simply
The IRS's 20% Coupon
So, what is the qualified business income deduction?
In plain English, the Qualified Business Income deduction, also called the Section 199A deduction, allows eligible business owners…
What Happens If You Don’t File Your Tax Returns for Multiple Years?
The Snowball of Avoidance
Most people do not stop filing taxes because they are trying to cheat the system. It usually starts with one hard year: a divorce, illness, failed…
S-Corp Tax Return Checklist: What to Gather Before Filing Form 1120-S
The S-Corp Domino Effect
Your S-Corp return is the first domino of tax season. If Form 1120-S is late, incomplete, or wrong, your personal tax return may also be late,…
IRS Penalty Abatement: How to Get Penalties Reduced or Removed
The IRS Punishment Machine
IRS penalties are designed to crush you financially. But the IRS also has a “delete” button they do not exactly advertise, and it is called IRS…
Back Taxes: How Far Back Can the IRS Go?
The IRS Has a Stopwatch
The IRS absolutely operates on a clock. For audits and collections, there are real deadlines, and when those deadlines expire, the IRS can lose its…
Tax Terms Every Small Business Owner Should Know
The Language of the IRS
Taxes are a language, and a lot of business owners are trying to build wealth with a dictionary they never got. If you do not…