by hello@thatssmartbusiness.com | Nov 11, 2022 | Uncategorized
The President signed the Inflation Reduction Act into law on August 16, 2022. It contains some valuable tax credits for homeowners.When it comes to taxes, nothing is better than a tax credit since it is a dollar-for-dollar reduction in the taxes you must pay (unlike a...
by hello@thatssmartbusiness.com | Nov 1, 2022 | Uncategorized
I was perusing the Internal Revenue Code (it’s one of the things I do) and started to think about the various sources of tax-free income.Here are the 11 that jumped out at me: Roth IRAs Social Security benefits up to the taxable limits Tax-free IRA withdrawals (on top...
by hello@thatssmartbusiness.com | Aug 24, 2022 | Uncategorized
We absolutely, positively don’t like commuting mileage. You should dislike it, too. It’s personal. It’s not deductible. But with knowledge, it’s avoidable. Let’s eliminate commuting and make those trips from your home to your office deductible. The law...
by hello@thatssmartbusiness.com | Aug 17, 2022 | Uncategorized
It is getting increasingly popular for individuals to use self-directed IRAs to invest in alternative investments—that is, investments in things other than stocks, bonds, CDs and the like. The single most popular alternative investment for self-directed IRAs is...
by hello@thatssmartbusiness.com | Aug 10, 2022 | Uncategorized
Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income. The IRS is concerned that you and millions of Americans are using crypto without paying tax...
by hello@thatssmartbusiness.com | Aug 3, 2022 | Uncategorized
You have read horror stories about how the IRS audits business owners and deems their 1099 independent contractors W-2 employees—and then assesses tens (or hundreds) of thousands of dollars in back payroll taxes, interest, and penalties. Are you one of those...
