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July 2, 2019

What’s the Cheapest Way to Buy a New Car?

As a financial planner, I don’t believe in going into debt so I always buy used cars. In fact, I’ve never had a car payment. Last year I needed to purchase a “new-to-me” vehicle. When I started doing my research, though, I found that I would pay (at this time in the economic cycle) essentially the same price (over the life of the vehicle) for a used car as I would a new car. Ultimately, I decided to buy a NEW truck and I am sharing with you the math from my research in my quest to find the cheapest way to buy a new car.
June 27, 2019

Leasing vs Buying a Car – A Comprehensive List of the Pros & Cons

If you drive your personal vehicle for business purposes, you can claim tax deductions. I addressed that in my last article when I talked about whether you should claim the standard mileage rate or actual expenses on your taxes. Yet, leasing vs buying a car may make a difference to you as a business owner, too. Is it better to buy or lease a car for business? Let’s weigh the pros and cons.
June 25, 2019

Standard Mileage vs. Actual Expenses – The Pros and Cons

If you drive a personal vehicle for business use, you can choose to take the standard mileage rate deduction or you can deduct your actual vehicle expenses. Yet, which one is better? As with most things related to taxes, it’s going to depend. Therefore, let’s do an analysis. Which should a business owner choose? Actual expenses vs. mileage.
June 13, 2019

20 Ways to Reduce Taxable Income: A Business Owner’s Guide

There’s perhaps no expense more frustrating to business owners than income taxes – the amount of money you pay to the IRS. I receive more calls from business owners asking me how to minimize their tax bills than anything else. Therefore, I want to go over 20 different strategies, or ways, to reduce taxable income for the business owner.
May 9, 2019

IRC 280A(g) – How You Could Use Your Home to Create Tax-Free Income

Can you imagine taking money out of one of your pockets, deducting it as a business expense, and then putting it back in your other pocket tax-free? That’s pretty crazy, right? What if it were legal? Actually, this tax strategy is so common that the IRS issued a private letter ruling on the matter. So what is this tax gem I’m talking about? You can rent your home to your business for business meetings! This even goes beyond the standard home office deduction found in the IRC 280A tax code. Let me explain how the “14-day rental rule” can work for you.
May 6, 2019

Ideas for Hiring Your Children in Your Business – Tax Advantages

Did you know that you can legitimately hire your kids, no matter what age they are, to work in your business? The IRS Code says you can! As of 2018, each of your children can earn up to $12,000 in tax-free income! Your kids can work, bring home tax-free money, and pay for their own expenses. It’s a great way to teach work ethic, and for the business, benefits like tax strategies. So, I’ll give you the hiring rules and 51 job ideas that allow you to hire your children in your business.
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