#AskACPA – Starting a Limited Liability Company (LLC)
Question: What are the advantages of starting my business as a LLC? For new businesses, I highly recommend incorporating as a LLC. Here are some items a business owner should consider: 1. It is relatively inexpensive and easy to setup by filing an articles of...
#AskACPA – Business Vehicles
Question: Can I purchase a vehicle for my business that weighs more than 6,000 pounds for $50K and deduct the amount on my tax return? I get a lot of questions on this topic pretty frequently. The answer is "Yes" you can deduct up to $50K BUT with some limitations and...
#TaxTipTuesday – Virtual Currency
We are switching it up and giving Tax Tips on a Tuesday! For those that dabble in trading Virtual Currency aka Bitcoin, Ethereum, Dogecoin, Luna, etc. this one is for you. With the recent volatility in the market, you can deduct a maximum of $1,500 ($3,000 for Married...
#TaxTipThursday – Holiday Season Edition
It's the Season of Giving! And what better way to get into the Holiday Spirit than by giving a cash contribution to your favorite charitable organization. Not only are you supporting their mission but you'll be able to deduct the amount on your tax return. For 2021,...
#TaxTipThursday – Turn your Side Hustle or Hobby into a Business
Calling all Dreamers, Jack of all Trades, and Entrepreneurs! Turn whatever you love to do into a legit business. A Business is defined by the IRS as an "activity carried on for a livelihood or in good faith to make a profit." And with that, you can deduct expenses...
#TaxTipThursday – Invest in your children’s education with a College 529 Plan
In the words of my favorite movie character, Randy Watson from Coming to America, "I believe the Children are our Future. Teach them Well and Let them Lead the Way". You can start saving for your children's (or your favorite young relative's) education now through a...
#TaxTipThursday – Consider Maxing Out Your 401(K) or Individual Retirement Account (IRA)
For taxpayers covered by an Employer Sponsored 401(K) Plan: Did you know adding to your 401(K) from your take home pay lowers your taxable income? So you pay less tax! The max 401(K) contribution for 2021 is $19,500 ($26,000 for 50 and older). There's an added bonus...