Blog
Are you missing out?
There are a lot of small business owners out there that don’t know a thing about Taxes. Well, let me rephrase that….They know that they have to pay them, but they don’t know how to minimize their tax liability. It’s no wonder, there are more than 70,000 pages of tax code, statutes and case law! Tax Strategies are […]
Give yourself a 10k raise!
Tax strategies are NOT just for huge corporations and billionaires. In fact, when it comes to taxes, tax strategies can work for most small businesses and the amount of money you can save can be mind blowing! Small businesses making as little as $40k to $100k that can lower their tax liability by $10,000, $20,000 […]
ADVANCED TAX STRATEGIES ARE NOT JUST FOR BILLIONAIRES!
When it comes to taxes, advanced tax strategies can work for many small businesses and the savings will surprise you. For most small businesses I see, they can lower their tax liability by $10,000, $20,000 and more per YEAR! Thats no small change! The problem is most small businesses are not aware of these strategies […]
Did you get a letter from the IRS?
Getting a letter from the IRS evokes all kinds of emotions. For many people its sheer panic! I talked with a potential new client yesterday that received a CP letter from the IRS, and they were experiencing a lot of anxiety. There are hundreds if not thousands of reasons this might happen but the most […]
Using the 90-Day Mileage Log Rule
Often in an IRS audit, the examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, then you are in danger of losing more than just vehicle deductions. Think about it. If you don’t have a log for mileage, what is the IRS examiner […]
Could Renting Your Home Affect Your $250,000 home Sale Exclusion?
Remember the good ole days when you could convert your rental property or vacation home to a principal residence and then use the full $250,000/$500,000 home-sale exclusion? Not anymore. Today, you must divide your period of home ownership into two categories—qualified and nonqualified use: Qualified Use-is the time you or your spouse uses the home […]
They say two things in life are certain…death and taxes!
Tax time is VERY stressful for some people. The anxiety level can be astronomical! I have known people who have become physically ill and compare it to a fear of flying or public speaking. However, as with most fears, the anticipation is often worse than the reality. Taxes are no exception. So, what do you […]
Do you have kids going to college?
If you have a child heading to college and you’re planning on submitting an Application for Federal Student Aid, you want to make sure that you don’t have unwanted assets or income in your child’s name. Although it might be good for tax planning, it could affect them for financial aid. www.TerryKleinCPA.com #taxes #taxreturns #taxplanning […]
What about TurboTax?
I had someone contact me yesterday that wanted to have their taxes done. He only had one W2, not much else. He was a little surprised when I told him that TurboTax would work just fine for him. Just answer the questions and it will take you right through it. I also told him that […]
Retiree’s that work, may be working for next to nothing!
If you or someone you know are on Social Security and have a small business to make a few bucks on the side, you may be very surprised when your tax bill is due. I recently had a new client that earned $20,000 more in income than they did the previous year, but because it […]