Missed Depreciation? Tips on How to Fix Your Error
It’s common many business owners forget to depreciate their assets and if you have a depreciation error that needs correction, follow these steps. We have some good news on this error: First, you don’t have to pay the IRS user fees (which can vary from around $2,000 to $10,000), because your depreciation change is going to qualify as an automatic [...]
Session Reporting for Gambling Taxes
As a casual gambler, you will pay less in taxes if you follow session reporting, because you net your activity for that day. Unfortunately, the only crystal-clear session advice from the IRS is on slot machines. In Shollenberger, the court used the IRS Advice Memorandum 2008-011 on session reporting to find that Mr. and Mrs. Shollenberger entered the casino with [...]
Two Vehicle Strategy
Do you have two or more cars in your household? If your circumstances are right, we might find a hefty increase in deductions for you with the two-car strategy. If this strategy works for you, you don’t have to drive one mile farther. You don’t have to spend one additional penny. All you need are the right circumstances and a [...]
Deducting Overnight Travel Expenses
As you know, you can deduct your away-from-home overnight travel expenses. But what tax rules do you need to know if you want to travel, or need to travel, to an out-of-town business location for an extended period? First, your travel to and expenses of living in this out-of-town location are deducible only if this is a temporary work location, [...]
Sell Your Way to Entrepreneurial Success
No matter what type of a business you own, you’ve got to do some selling in order to get what you want. Follow these sales tips to achieve your goals, whatever they are: Build relationships. Don’t just focus on what a contact can do for you today. Get to know people’s needs and interests so you can stay connected for [...]
How to Mold More Effective Employees
It’s a scenario that might sound a little absurd, but it happens all the time: a small business owner welcomes a new hire, escorts them to their work area, pats them on the back and walks away. How effective would you expect that employee to be? Probably not very effective. They would most likely struggle to learn their job, making [...]