Tax Reform [6 of 5] A Few Last Mentionables

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I do hope you have found something of value in these posts. This is our last one on tax reform changes. Cash Method of Accounting I admit this topic relates to a smaller portion of business owners, but it deserves a quick mention. Before, a business that does more than $5 million in revenue would need to file their taxes on the “accrual” method. After,…

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Tax Reform [5 of 5] Individual Tax Return Changes

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There is a lot here, so let’s just dig in. Individual Tax Rates I am not going to post the exact tax rate changes. Just know that the brackets were reduced by 2% for most brackets. The only people who really won’t see a change are those that had income below $14,000.  And the reason they don’t see a change is because they aren’t really…

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Tax Reform [4 of 5] Real Estate Related Changes

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We are giving you a short one today because next post on the changes to your personal taxes is a little long because….well, the IRS made a lot of changes to the personal tax code. For this one, if you have real estate as a rental property (residential or commercial) or do real estate investing, these changes may affect you. Depreciation Definition  Before, if you…

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Tax Reform [3 of 5] Business Expense Changes

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The tax rules have changed a few expenses. The biggest shocker, the one that has left all of us tax professionals scratching our head, is the change to entertainment expenses. Spoiler alert – this is a very BAD change. Entertainment Expenses Before, you could claim as a deduction and receive a 50% tax break on any expenses relating to things you did for fun that you…

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Tax Reform [2 of 5] Vehicle and Asset Purchases

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At the end of every year, we always get the question from a lot of business owners, “Should I buy a new truck to save on taxes?” The general answer to this question is that it is the wrong question. “Should I buy a truck?” is one question. “How can I save on taxes?” should be the 2nd question. Because if the answer to “should I…

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Tax Saving Ideas

Last Minute Tax Saving Ideas You’ve Overlooked

By | Taxes

Let’s Talk Tax Saving Ideas Another December is here and it’s almost unbelievable how it’s this time of year again. December is an exciting month for a wide variety of reasons. I feel like there are a couple in particular that you’d enjoy hearing about since Incite Tax is your resource to saving more and more money. The end of the year is always a…

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Running Low on Money

3 Steps to Stop Running Low on Money

By | Profit First

Are You Running Low on Money? I wanted to start off this post with an anecdote. I’m sure you will be able to resonate with this. So, I was driving home from work the other day and uncharacteristically didn’t check my gas level as I started my car. It was weird because I’m usually attentive to these types of details and it’s pretty much a…

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Getting Screwed by the IRS

Stop Getting Screwed By The IRS

By | Taxes

Gaging your level of Screwedness from the IRS We do tax presentations from time to time to groups of 1099 contractors and business owners. We share some free tax advice and strategies that they should be implementing right now to save anywhere from $5,000-$15,000 + We love doing these presentation because of two reasons: Seeing people save as much money as possible Stickin it to…

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Pay WAY less than you OWE

How to Pay Way Less Than You Owe in Back Taxes

By | Taxes

I want to show you how to pay way less than you owe on your back taxes Have you ever got a letter from the IRS? Doesn’t it immediately make you angry and stressed at the same time? For most of us when we see that, we start to feel some panic and wonder what the notice is all about. These feelings are normal because…

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