Which Authority Does the IRS Follow?
As you know, we are on your side. We're bringing this up because we want you to know that if you have a dispute with the IRS over something on your tax return, you’ll need to show that the law supports what you did if you want to win your argument. Support directly from the Internal Revenue Code is the [...]
Time Management Tips for Entrepreneurs
When you’re an entrepreneur, you’re ultimately responsible for a lot - particularly when your business is young and you haven’t yet built a strong team. You’re likely be too busy working in your business, leaving too little time to work on your business. Tasks like strategizing and marketing might seem like luxuries you can’t afford. On the contrary, you can’t [...]
Buy & Sell Agreement: Protect Your Business
If you are buying a business that will include more than one co-owner, you need a buy-sell agreement—period. You have multiple reasons to put a buy-sell agreement in place and not one reason not to have a buy-sell agreement. A well-drafted agreement can do these valuable things for you: Transform your business ownership interest into a more liquid asset Prevent [...]
Can You Deduct Related Party Losses?
Here’s a tax rule that can make you unhappy. If you sell property to a related party, you may not deduct your loss on the sale. And this gets worse. The loss you cannot deduct no longer belongs to you. It moves to the related party, and that can really complicate matters. This brings up two questions: Who are your [...]
Three Ways to Increase Revenue
Often times when business owners plan ways to increase profits, they focus on attracting more customers and making more sales. This can boost the business’s top line i.e. revenues. However, it usually equates to working harder and spending money on marketing. And while there’s nothing wrong with either, it won’t ensure an increase in your bottom line i.e. the net [...]
Deductible Back-To-School Expense
Parents: Some of your back to-school expenses might actually be tax deductible. For example, if you make annual donations to your kid’s public school, you may be able to deduct the donation amount from your taxable income. It depends on who benefits from your donation. If your donation of money or equipment is for the benefit of all students or [...]