Tax

You read that right. It’s entirely possible to have a rough year in business, take a fat loss, and still owe the IRS. If that sounds backwards, congratulations. You have common sense. But the IRS plays by its own rules. One of those rules is called the Excess Business Loss Limit, and it’s been messing […]

Every small business owner wants to “write stuff off.” But not everything you buy for your business actually qualifies. And if you’re just guessing, you might be heading straight into audit territory. You’ve probably heard advice like: Some of that might work. Most of it is asking for trouble. So let’s clear up what actually

You bought something for your business. A laptop, a printer, maybe even a truck. Cool. Now it’s tax time and your accountant asks, “Was that an expense or an asset?” Suddenly you are trying to remember if you clicked “Buy Now” or “Add to Cart” six months ago. The IRS does not care what you

Have you ever received a letter from the IRS and wondered, “What exactly is this about?” That is how most small business owners find out about penalties. No phone call. No warning. Just a friendly little letter that says: “Oops. That’ll be $560.” The IRS penalty system is like a leaky faucet. One drip at

If you run your own business and do not have employees, you’ve probably heard this frustrating little fact: The IRS limits Roth IRA contributions to just $7,000 a year. ($8,000 if you are over 50 and feeling wise.) And if you make “too much” money? You might not even qualify to contribute directly. But there