Last tax season might be well behind us but the next one is only about six months away. That doesn’t mean you shouldn’t be thinking about planning opportunities now, including what you can and can’t deduct. There are crazy things taxpayers never think of deducting, and then there are common deductions people miss simply because of poor record keeping. Below we’ve outlined 3 crazy and 3 common deductions that you may not realize you can take.
Starting a business takes a lot of hard work and usually takes substantial investment of time and money. If you have just started out then you may not be ready to put every cent of your profit right back into the business to keep it growing. There are ways to grow your business with spending little to no money, some of which don’t take much time to set up or develop. Below is our list of 6 ways to grow a small business without spending money.
Whether you’re new to business or have been grinding it out for a while, there’s a high probability that you’ve dealt with your fair share of difficult customers. You know, the situations where you find yourself questioning why you started your business? In society we have this stigma that being “busy” means that we must be doing well. If we’re not filling every waking moment with productivity then we’re not successful. So we take on more work than we may want to just so we feel accomplished.
There is something interesting we have come across over the past few months, people changing owners on the deeds to their home. There is an array of reasons why you might want to do this, but most commonly this is found in families who want to easily transfer ownership from siblings or parents to children. The process is simple using a Quitclaim deed to add or remove someone to your property’s title or transfer the title entirely.
We’re 10 days from the 2018 tax filing deadline, do you know what your results will be? Did you file a tax extension because your financials were messier than you realized? You’re not alone. If you run a business and arrived to tax season unprepared, it’s most likely because you neglected to keep up on your financial record keeping. If you haven’t already done so, you’ll soon be faced with spending countless hours organizing your information. The worst part of that is if you’re not versed in accounting, you might not get the right answer!
Thinking of doing your taxes yourself this year? Maybe you should think again. We have our first official Tax Court decision of 2019 and it’s a doozey. If you start to get nervous while you read this remember that Eliseo CPA, PLLC, the best accounting firm in Charlotte, is always here to help!