by admin | Apr 9, 2024 | TaxBiz
The thing that you must address when looking at an expense is if it was ordinary and necessary. Yes, it must be both. So, let’s look at some specific items when it comes to travel and meals for your taxes. 🔸 What is a Legitimate Travel Expense? According to the IRS,...
by admin | Apr 2, 2024 | TaxBiz
Filing a tax extension on or before April 15 moves your deadline to October, but remember that an extension doesn’t give you more time to pay your taxes. If you’re not sure you’ll have it together by tax day and think you may need to file a tax extension,...
by admin | Mar 26, 2024 | TaxBiz
📝 The intention of the Inflation Reduction Act (IRA), as the name suggests, is to reduce the rate of inflation. How the IRA does this is unique: In the past, energy credits existed, think tax equity. The IRA has taken a smaller market and potentially added as much as...
by admin | Mar 19, 2024 | TaxBiz
📌 Many entrepreneurs opt to structure their small business as a limited liability company, or LLC. An LLC protects owners’ personal assets from lawsuits and some creditors. It also provides an easy-to-use business structure. In addition to these benefits, LLCs also...
by admin | Mar 13, 2024 | TaxBiz
🛑 The IRS IVES program lets taxpayers authorize third parties (IVES participants) to request their tax return or wage transcripts to obtain a residential or commercial mortgage on real property (real estate). IVES participants can include banks, credit unions,...
by admin | Mar 5, 2024 | TaxBiz
📌 You can maximize your tax refund in several ways, from paying off high-interest debt to investing in a business or saving for retirement. A tax refund is a great opportunity to set yourself up for the future. If you’re expecting a windfall from the IRS this...
