How to write off your dog
Today I want to introduce you guys to somebody really special. Are you ready? She is the newest addition to the Tax Goddess family. It is a German shepherd. She's a six month old little girl. As you can see,…
Remember to pay yourself first
It's about paying yourself first! As business owners, we start a business, hire people, and get involved and these people become our family. We become involved and they become a part of making the success of the company. But when…
Non-business casualty and theft losses
One of our clients ran into a case the other day where he had a roof leak and there was about $25,000 worth of damage. His insurance company would not provide him any reimbursement. The taxpayer did not know that…
Protecting yourself from IRS audit and having an NDA for your business
Today at the IRS conference, I learned about how to protect yourself from audits or if you get into an audit— what would be the backup documentation that you're going to need. Bank statements and credit cards are not always…
How to choose a good tax return preparer
What are the types of questions that you should be asking anyone, if you're interviewing them to be your tax preparer? One of the very first question, and the most important question, is what is your tax preparer's aggression level?…
Paying your taxes and ensuring proper credit of the payments you’ve made
We've had a lot of cases recently where clients are sending in IRS notices because payments that they've made, estimated payments, quarterly estimates, even prepayments or payments on tax plans are not being credited. When you've got a payment plan…
Penalty for the underpayment of estimated taxes
You're supposed to pay quarterly taxes every single quarter. Those quarterly dates are a little funny. The first one's due April 15th, then June 15th, then September 15th. If you underpay your estimated taxes, there could potentially be penalties and…
ACA penalty is a choice! Cool!!
When you file your 2016 form 1040 tax return, if you do not have an ACA compliant health insurance plan, you can actually choose an option to pay the penalty now, and if it gets repealed, you can ask for…
Marketing funnels
I am talking about marketing because our Head of Marketing is in town this week and her specialty is building out a technical workflow of marketing and sales. She's taught me some really cool stuff and I thought I would…
Happy Treason Day!!! (Happy 4th of July!)
Happy Treason Day and Happy Fourth of July! Today is the day when America gained independence from the Brits. It all started with the Tea Party. I would also like to share an exciting news with you all. We just…
Lastpass, my technology savior
Last Pass is probably my favorite bit of technology. I don't know how we ever survived without it beforehand. Last Pass is this awesome little plugin that you can add to your Internet browser. Specifically for business owners, my favorite…
Using the 80% rule to get your project moving forward
In life we always have a project, a goal, or something that we're working towards that we really need to focus on. There are all sorts of rules but 80% means when you get something to 80% of good you…
Passport Restrictions
The federal government and the IRS are now working hand in hand. If you owe any taxes and have not set up a payment plan with the IRS to make sure that those taxes are going to get paid the…
Learn or Succeed
What’s your favorite go to, live by saying? I like to keep a positive attitude so for me; I never lose. I only succeed or I learn. I learned this in Norway and it really stuck with me. https://www.youtube.com/watch?v=Meb7WX8YPj4&feature=youtu.be Hey,…
Gifting limits and you!
If you're a resident citizen of the US, you can give any other individual up to $14,000 per year. It is not a tax deduction to the person giving the money, but it is also not income to the person…