by hello@thatssmartbusiness.com | May 19, 2023 | Uncategorized
The current economic climate makes this a good time to focus on bad debt losses. As an individual taxpayer, deducting bad debt losses has always been controversial with the IRS. To claim the deduction, you must first establish that the loss was from a...
by hello@thatssmartbusiness.com | May 12, 2023 | Uncategorized
The $75 rule applies to certain business expenses where you do not need a receipt. But I emphasize that this rule does not apply to all tax deductions. Many taxpayers mistakenly apply the $75 rule to all their tax deductions, which can result in a significant...
by hello@thatssmartbusiness.com | May 5, 2023 | Uncategorized
Did you buy, sell, donate, or receive an NFT during the tax year? If so, you must answer “yes” to the digital assets question on page one of the IRS Form 1040. Additionally, if you have sold an NFT, you could be liable for tax or eligible for a deductible loss. ...
by hello@thatssmartbusiness.com | May 1, 2023 | Uncategorized
If your children work in your business, consider giving them education fringe benefits. Doing this right creates tax deductions for the business, and tax-free fringe education benefits for the child. You can accomplish this without a Section 127 plan...
by hello@thatssmartbusiness.com | Apr 22, 2023 | Uncategorized
As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern. Owning real estate in a C corporation may not be wise when considering taxes because it...
by hello@thatssmartbusiness.com | Apr 15, 2023 | Uncategorized
I’m reaching out to remind you of two important issues related to health insurance deductions for S corporations. First, if you own more than 2 percent of an S corporation and provide health insurance coverage, there are three steps you need to follow to claim...
