Maximizing Tax Benefits: The Business Use of a Vehicle

An often-overlooked area to optimize financial strategies is the business use of a vehicle, which can offer significant tax advantages if managed correctly.

What constitutes qualifying business use? Generally, the use of a vehicle for business-related activities, such as transportation to client meetings, travel to business-related events, and delivery of goods or services, can be considered for tax purposes.

Charitable Donations – Cash Contributions 

If you itemize deductions on your tax return, you may be able to include any charitable contributions made during that filing year. Itemizing donations entitles taxpayers to charitable contribution deductions.

Qualifying organizations, typically 501(c)(3), serve the public, providing a valuable service to the community and do not operate for profit. In general, these organizations are either charitable, religious, educational, scientific or literary.

What to do in the event of tax identity theft?

Tax identity theft occurs when an identity thief files a fraudulent return using a stolen taxpayer’s social security number to claim the victims tax refund. The thief would use the victims personal and consumer information to file the forged tax return, usually early in the filing season before the victim files themselves. This way, the scammer would likely receive the victims refund before the IRS processes the real filing. They might invent fake wages to submit the information electronically. 

Retirement Contributions – What are the Limits?

Each year, the IRS limits how much you can contribute to your tax-deferred retirement accounts. The limits are different for 401K vs. IRAs, as are the tax requirements.

Here’s everything you must know about retirement contributions.

5 Rental Tax Deductions to Write Off

Did you know if you earn rental income from a property you own and rent out, you might be eligible for certain tax deductions? The deductions must be for necessary and ordinary expenses to own and maintain the property.

Here are 5 of the most common rental tax deductions you might be able to take.

5 Important Tips to be Aware of This Tax Season

Tax season is here, but it looks a lot different than before. Not only have regulations changed, but there are certain steps you should take before you file your taxes that could save you money on your tax liability.

Here are the top 5 tips to help you make this tax season easier than ever before.

S Corp vs LLC – Which is Better for Taxes?

S Corp vs LLC – Which is Better for Taxes? If you own a small business, you may wonder if you should file as an LLC or S Corp. Both options offer pass-through income, but an S-Corp has more tax benefits that you should be aware of to help you decide. S Corp vs LLC […]

Guide: Deductions for the Self-Employed

Are you Self-Employed? Here’s what you can deduct. Almost every day, one of my clients will ask whether a certain expense is deductible for their business. In general, most expenses that are reasonable and necessary to the operation of your business will be deductible. Let’s take a look at some common expense categories that all […]

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