by Steven J Weil, PhD, EA, LCAM | Mar 9, 2023 | Blog, Business Tax
Commonly Overlooked Business Tax Deductions There are several business tax deductions that are often overlooked but can potentially save you a significant amount of money on your taxes. Here are some of the most commonly overlooked business tax deductions: Home Office...
by Steven J Weil, PhD, EA, LCAM | Mar 6, 2023 | Blog, Business Tax
Myth: Setting up a corporation will make all my non-deductible expenses deductible. Truth: Businesses can only deduct expenses that meet the following tests regardless of the entity used to operate. Expenses must be ordinary and necessary to the business...
by Steven J Weil, PhD, EA, LCAM | Mar 4, 2023 | Blog, Business Tax
Who should consider making their business a subchapter S Corporation? There are several factors to consider when deciding whether your business should be an S Corporation. Here are some of the key considerations: Business Structure: An S Corporation is a type of...
by Steven J Weil, PhD, EA, LCAM | Mar 2, 2023 | Blog, Business Tax, Personal Tax
According to the GAO the audit rates for individual income tax returns from 2010 to 2019 went from 0.9 percent to .025 percent. Rates dropped even lower during Covid but this is getting ready to change. With the hiring of a projected 87,000 new auditors and a...
by Steven J Weil, PhD, EA, LCAM | Feb 27, 2023 | Blog, Business Tax
Converting your business from a sole proprietorship to an S corporation is a simple three-step process. 1) Set up a corporation with your state. In Florida, corporations are set up through the Division of Corporations – Florida Department of State. They can be...
by Steven J Weil, PhD, EA, LCAM | Feb 22, 2023 | Blog, Personal Tax
All taxpayers filing forms 1040, 1040-SR, or 1040-NR must answer a question about digital assets; it is a yes or no question. Taxpayers need to click the “Yes” box if they: Received digital assets as payment for property or services provided; Transferred...
