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Don’t wreck your most valuable deduction

Uncle Sam's allowance for vehicle expenses is one of the least understood deductions. Of course car and truck expenses are allowable, but how are they maximized? What records are necessary to survive an audit?

Scott Patterson

3 min read

Vehicle Tax

Your home office's real superpower

Many small business owners think the home office is more trouble than it's worth. While that's easy to understand, don't overlook the one HUGE benefit you may be overlooking.

Scott Patterson

2 min read

Tax PPP Loans

December 2020 Stimulus Bill (Taxpayer Certainty and Disaster Tax Relief Act of 2020)

Congresses second round of stimulus for 2020 was signed just before New Year's Eve. As usual it is packed full of tax changes. Some are brand new. Some fixed or clarified issues with the first stimulus.

Scott Patterson

6 min read

Tax PPP Loans

PPP Round 2: What you need to know

The Paycheck Protection Program (PPP) is opening once again. Now, the PPP program established by the CARES Act is targeted to help small businesses more than ever.

Scott Patterson

3 min read

Tax

2020 Tax Changes to know when preparing your return

Due to the sweeping impacts of the COVID-19 pandemic, 2020 was an extremely active year when it comes to tax changes. Some changes only apply to 2020, but many more will have lasting impact.

Scott Patterson

3 min read

Tax

American Rescue Plan for Businesses

Whether you are in need of rescue or not, Congress has passed the American Rescue Plan (ARP). This is the sweeping $1.9 trillion relief bill you undoubtedly heard was coming. The bill provides piles of money for COVID vaccines...

Scott Patterson

3 min read

Tax

American Rescue Plan for Indviduals

Whether you are in need of rescue or not, Congress has passed the American Rescue Plan (ARP). This is the sweeping $1.9 trillion relief bill you undoubtedly heard was coming. The bill provides piles of money for COVID vaccines...

Scott Patterson

11 min read

Tax

2021 Child Tax Credit (4th Stimulus?)

As part of President Joe Biden’s $1.9 trillion coronavirus relief package, eligible families can receive as much as $3,600 for each child under the age of 6. This represents an 89% increase over 2019’s amount.

Scott Patterson

2 min read

Fundamentals Tax

Fundamentals: Business Days - Can you count?

Calculating business vs personal travel days are important. Business days yield valuable deductions, personal days do not. For maximum tax deductions, it’s also important to ensure the trip passes the “primary purpose” test.

Scott Patterson

2 min read

Vehicle Fundamentals Tax

Fundamentals: Vehicle Expenses

Vehicle expenses are one of the least understood and poorly documented deductions on most tax returns. Yet it is the biggest deduction for many small business owners. It is also the one that can get you in the most trouble...

Scott Patterson

4 min read

Tax

Tax-Free Rental Income Loophole (Augusta Rule)

You’ve always been told there is no such thing as a free lunch. Well, believe it or not there is such a thing as tax-free rental income. This loophole bears the name from the town where the Masters

Scott Patterson

3 min read

Education