Business travel is allowed for several reasons for business owners. Often business owners are reluctant to take travel deductions for business or are unaware with more simple strategies, they can deduct travel combined with vacation. Travel for new business. Traveling to identify new locations, potential M&A or to acquire new investment property is all deductible…
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The filing deadline for 2019 taxes is right around the corner, so it is time to start thinking about taxes. If you haven’t prepared your 2019 taxes yet, now is the time to get started. The IRS extended the 2019 tax deadline to July 15 as a result of the COVID-19 pandemic and now the…
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Buying a home with stock still requires that you pay capital gains tax. Paying taxes on stock gains is unavoidable whether or not you plan to use your gains as a down payment on a house. The tax rate on long-term capital gains, the stocks you held onto for more than one year, is lower…
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Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns. You may choose any record keeping system suited to your business that…
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