We all hate gaining weight and paying TAXES!! We can’t help you with the extra lbs. but we can help you feel peace by knowing that you are getting all the tax deductions that are available to you. The United States has the best economy, best legal system, and best business opportunities in the world. […]
19
Dec
Dec
This week my Julie asked if any in our household wanted to go with her to look at the Layton City Christmas lights. We go every year, and it gets a bit “old”. This time, she had two rules; (1) no one could go if they were going to be grouchy, and (2) she was […]
22
Aug
Aug
If you look closely, you will see my grandson sitting with his dad in the cockpit of the skid steer. My son rented this tractor to remove the weedy jungle that he had in his backyard (see @thelittlehouseofhoarders). The rental company delivered the equipment last Friday evening and this little boy woke up to the […]
04
Aug
Aug
There is a resort in Mexico that we, as a family, like to enjoy. I have fond memories of sitting at the beach with a book and a “Freezie Willy” fruit drink, boogie boarding, shuffle boarding, eating street tacos, trying to surf (that is exhausting exercise), doing yoga classes, catching crabs off a pier, dickering […]
16
Jul
Jul
A few years ago, a client, who, incidentally, is a doctor, plead with me for tax deductions (like there was something magical that I could do). The simple truth is that to get a “tax deduction, you have to spend money”. So, if that is the case, doesn’t it make sense to spend it on […]
09
Jun
Jun
Two Big Issues with Recordkeeping for Tax Purposes The records you keep provide the documentation to support the deductions and expenses claimed on your tax return. There are two big issues. Big Issue One. The first issue is that you need to prove that the expense is deductible. To do this, you must always keep […]
30
May
May
Here is a list of the information that you will need to give to your professional so that they can prepare SBA Form 3508 (Paycheck Protection Program Loan Forgiveness Application) and its required schedules for your company. General Info Loan Number Loan Amount Lender PPP Loan Number PPP Loan Disbursement Date Number of employees at […]
27
May
May
My newest client is this small online boutique called “The Jean Junky”. This is a small two-owner LLC (Limited Liability Company) owned by my wife and daughter. They are having so much fun that it really isn’t fair. A two-owner LLC is taxed like a partnership. Small partnerships are not required to provide a balance […]
10
Oct
Oct
We would like to welcome Donell as the newest accountant to our Firm. I had an interesting experience as we were interviewing accountants for the position. Many of the candidates claimed that they were bookkeepers and accountants. What I discovered is that many think that they are accountants because they can input data into QuickBooks. […]
12
Jul
Jul
The question came up today as I was meeting with a new client about automobile expenses. The business owner has the option of either deducting the actual automobile expenses used for the business or using a standard mileage rate. Because automobiles can be used for both personal and business purposes, the IRS terms these vehicles […]