Balance in business... in life!

Taking the Political Easy Path – Extender Tax Provisions Update

In an earlier post, I discussed the on-going issue with Congress where they continue to extend 50+ key tax provisions (nick-named “extender tax provisions”) for only one or two years, and then the process must be repeated. Why won’t Congress make the changes permanent? Because of politics. Specifically, these changes reduce tax revenue and increase…

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Reduce Taxes Now! Take Steps Before Dec. 31st!

If you wait until April 15th to try and reduce your 2015 income tax, there will be very few things you can do. Review your tax situation now, before December 31st, and take action to minimize your 2015 income tax. There is some uncertainty in which tax provisions Congress may decide to extend, but the…

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Congress is Doing Nothing About Taxes… Again!

Updated 11/19/2015:  My article below addresses the bigger issue behind the annual tax-extender dance that takes place in Washington DC. Once again, we sit waiting for Congress to punch our card so that we can move off our seats. This is not just a current issue. It is an on-going large problem, and it is…

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5 Tips When Calling the IRS – How to Talk to a Real Person

If you need to call the IRS and talk to a person to get help, you most likely are already frustrated and stressed. Placing the call doesn’t help your anxiety level because it is easy to get lost in the myriad of automated responses… “Choose 1 for this”, “Choose 2 for that”, etc. Sometimes you…

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Looking Great is Not Deductible!

Does your job require you to look great? We have been able to meet some great small business people, including those in sales or leadership positions. To do the job right, the individual needs to look their best. This may mean more expensive clothing, on-going grooming, staying fit, etc. To look your best… to look…

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Obamacare, the Affordable Care Act, and Your Tax Return

Beginning in 2014, the Affordable Care Act (“ACA”), also referred to as Obamacare, mandates health insurance coverage. Businesses with 50 or more employees are mandated to provide health insurance coverage to their employees, or pay penalties. Individuals that are not provided health insurance coverage by their employer are mandated to obtain insurance coverage on their…

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“Of Course They’re Tax Deductible” Part 1

I have a client who farms… and produces fish… and writes books… and does a bit of almost everything. He is smart and witty. At tax time, our review of income and “deductible” expenses can be very entertaining. He surprised me a few years ago by including a whole chapter in his new book dedicated…

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“Of Course They’re Tax Deductible” Part 2

“Of Course They’re Tax Deductible” by Jim Schwartz Part 2  –  Continued from “Of Course They’re Tax Deductible” Part 1 “There’s something else that I have been wondering about, also,” I said, since he was evidently finished with the possibilities of an audit. “What’s that?” he asked. “It will actually have to do with next…

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“Of Course They’re Tax Deductible” Part 3

“Of Course They’re Tax Deductible” by Jim Schwartz Part 3 –  Continued from “Of Course They’re Tax Deductible” Part 2 “Ah, good,” I said. “Now, let’s get back to the dogs. You said their food was deductible, right?” “Yes, it should be,” he nodded. “They are cattle dogs, aren’t they?” “Sure are,” I said. “Darn…

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