7 Things to Consider Before Tax Day Arrives
7 Things to Consider Before Tax Day Arrives Tax Day is fast approaching. Yes, we get a little reprieve this year with the filing deadline pushed back to April 18th. Can you still lower last year’s tax bill? Fortunately, we still have time to take a couple of steps before filing that could lower last […]
7 Year-End Tax And Financial Planning Tips
7 Year-End Tax and Financial Planning Tips It’s hard to believe we’re halfway through 2021’s fourth quarter. The clock is ticking on the 2021 tax year. This week I’m going to share some strategies investors should have on their radar screen as the year winds down. While I’m sharing some year-end planning strategies, you should […]
Starting a New Business? Get Up to $100,000 in Tax-Free Money
https://candicegerlachcpa.com/starting-a-new-business-get-up-to-100000-in-tax-free-money/ You likely already know that the employee retention credit (ERC) is a good deal—if you qualify. Now, thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you can qualify for up to $100,000 of ERC in the third and fourth quarters of 2021 if you begin the business after February 15, […]
Deducting Disaster Losses for Individuals
https://candicegerlachcpa.com/deducting-disaster-losses-for-individuals/ We seem to be living in an age of natural disasters. Uninsured losses to personal non-business property such as your home, personal belongings, or personal car due to a disaster can be deductible. But the rules are complex and not as generous as they used to be. Only Casualty Losses Are Deductible Damage to […]
COVID-19 Relief Law Turbocharged Employee Retention Credit
When Congress passed the CARES Act in March 2020, most businesses took advantage of the Paycheck Protection Program (PPP) loan to help keep them afloat. Congress also authorized a second option to help employers—an employee retention credit fully refundable against the business’s payroll tax liabilities. Since a business could do only one or the other, […]
Home-Office Deduction–Show Me the Proof!
Question. If you have an office outside your personal home—say, downtown—can you have a tax-deductible office inside your home for the same trade or business? Answer. Yes. Q. Who says that? A. The IRS and lawmakers! Q. Show me where they say that! Have you ever been down this road with the office-in-the-home deduction? We […]
2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
If you have children under the age of 18 and you file your business tax return as a proprietorship or partnership, you can find big savings in the work your children do for your business. And if you operate as a corporation, don’t neglect to hire your children; there are good savings for you there, […]
The Insurmountable Sin in an IRS Audit: A True and Sad Story
Last month we wrote about the need for a good mileage log and showed you what it takes, in What Is the Unpardonable Sin in an IRS Audit? Here we are going to tell you a true story of how keeping the mileage record in Microsoft Outlook proved inadequate. The story is about Therone Johnson, […]