You’ve probably heard that if you drive your personal vehicle for business, you can deduct mileage. But here’s what most business owners don’t realize: There’s a hidden vehicle depreciation tax deduction built into every mile you drive. See, when you take the IRS standard mileage rate—or your S or C corp reimburses you for it—that […]
If you're making good money, you already know the IRS won't let you contribute directly to a Roth IRA once you hit certain income limits. But there is a way around it—and it’s called the Mega Backdoor Roth IRA. (There’s the backdoor Roth… and then there’s the backdoor, down the stairs, secret knock Roth.) The […]
Introduction to Backdoor Roth IRA for business owners If you’re a business owner or high-income earner, you’ve probably hit the wall with Roth IRA income limits. And that stings, because Roth IRAs are one of the most powerful tools for tax-free retirement growth. Good news: there’s a perfectly legal workaround called the Backdoor Roth IRA. […]
You may have seen headlines recently about something called the “One Big Beautiful Tax Bill.” (We had two emails on it last week.) This bill has been labeled as either a much-needed economic catalyst and a fiscal time bomb. But here’s the truth: the bill itself isn’t the real issue. The U.S. has been on […]
Here are ten questions that small business owners can ask themselves to help determine the type of accounting they need:
The type of accountant you need for your business depends on your specific needs and goals. Here are some factors to consider when deciding which type of accounting is right for your business:
In the United States, there are several types of accounting that are used by businesses and individuals. Some of the most common types of accounting include
When you own rental property, depreciation is your best friend.
One reason depreciation is so valuable is that, unlike deductible rental property expenses such as interest and maintenance, you get to claim depreciation year after year without having to pay anything beyond your original investment in the property.
As it does each year, the IRS recently released the inflation- adjusted 2022 optional standard mileage rates used to calculate the deductible costs of running a vehicle for business, charitable, medical or moving purposes.