Sick of Paying Taxes? Here is a Solution

By | Taxes | No Comments

Are you so sick of paying taxes? Have you or someone you’ve heard say things like: I’m sick of paying taxes! I cannot believe how much I have to pay the IRS this year! I don’t get how I owe so much based on how little I feel like I’m talking home! It’s a little known fact that these negative feels around taxes (which the…

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Who’s On Your Dream Team?

By | Uncategorized | 2 Comments

Do You Have a Dream Team?? Oh my gosh, can I tell you a story…? I was golfing earlier this week with some clients. I was at the tee box of a par three and getting the distance in preparation for my shot. It was 153 yards out so I pull my 9 iron out. That distance was kind of in between clubs for me……

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audit triggers | Incite Tax & Accounting

Top 8 Audit Triggers To Avoid

By | IRS | One Comment

Audit Triggers Can Be Avoided. You just can’t let any of these COMMON mistakes happen with your situation. “Hey, I’m so excited, I just got an IRS letter” – said no one EVER! Maybe you’ve been there. Maybe you’ve hoped it will never happen. And we don’t ever want you to go through one either, so sit back, take note, and go through our list…

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The Business Presentation Expense

By | Taxes | 6 Comments

A Strategy You’ll Want to Use Right Away – The Business Presentation Expense So at this point you’ve probably heard at least some of the tax law changes with this big TAX REFORM. And if you’ve read what we put out in our community you’ve heard all the big changes that apply to you in your situation. I know reading up on “taxes” is nothing…

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Tax Reform [6 of 5] A Few Last Mentionables

By | Taxes | No Comments

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

By | Taxes | No Comments

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

By | Taxes | No Comments

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

By | Taxes | No Comments

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

By | Taxes | No Comments

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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