Taxes

TAX MYTHS: I CAN ONLY WRITE OFF MY MILEAGE

You almost certainly know that you can write off the mileage for business use of your car. That advice is still true. A nice bonus is that it is easier than ever to track your business mileage with a variety of smartphone apps available. Mileage, however, isn’t the only automotive write-off that you should be pursuing. If you use your vehicle for anything work-related, there are deductions that you might be missing out on. Lease payments, oil changes, insurance, repairs, and even car washing and polishing could be written off. Don’t fall for tax myths, fuel your savings with automotive write-offs.

STRATEGIC TAX PLANNING IS THE GIFT THAT KEEPS ON GIVING

For business owners, lower taxes are likely a gift that you’d like to see under the tree. Thankfully, it’s not too late to add it to your holiday wish list. It even has a name, strategic tax planning. Strategic tax planning is a gift that won’t fade once the newness wears off, and it’s one that continues to give to your business year after year. Strategic tax planning could save your business $20,000, $50,000, even $100,000 in taxes every year. This year stop wasting money on taxes you don’t owe. Instead, give yourself the gift of strategic tax planning, and get rewarded year after year with lower taxes.

YOU NEED A TAX PROFESSIONAL WHO UNDERSTANDS BUSINESS OWNERS           

Finding tax and investment advisors who give you proactive advice for saving on your taxes probably feels like an elusive search. The truth is that not every tax professional, in fact, the majority of them, do not do any proactive planning. Most CPAs are not even trained to do this level of tax planning. If you’re ready to leverage the benefits of the tax code and stop spending money unnecessarily, then you need a tax professional who understands business owners. At Quartermaster Tax Management we are versed in the minutiae of the tax laws, and we can help you keep more of your money with strategic tax planning.  

UNDERSTAND HOW THE TRUMP TAX PLAN AFFECTS YOU

The Tax Cuts and Jobs Act was signed into law by President Trump in December 2017, ushering in a new wave of tax rules. The tax code is thousands of pages long, full of obscure rules on topics that don’t apply to most Americans. It’s likely that you don’t need to know expensing costs for replanting citrus plants, net operating losses for life insurance companies, and limits on FDIC premiums that banks with more than $10 billion in assets can deduct. With all the new tax law changes, what you need to understand is how the Trump tax plan affects you, and how you can take advantage of these new rules to keep more of what you make. At Financial Gravity we know that, in the end, it’s what you keep that counts.  

WHY AMERICA’S COMPANIES PAY LESS IN TAXES THAN YOU

In 2017 the corporate tax rate was 35 percent, but most American companies paid far less than that. The Tax Cuts and Jobs Act created a single flat rate of 21 percent, but even that number is higher than studies indicate corporations are paying. What corporations actually pay, their effective tax rate, is estimated to be between 13 and 19 percent for federal taxes, based on multiple studies. That effective tax rate is far lower than the rate many other small businesses pay every year. The tax code is full of opportunities for businesses to save money…

Here's to Your Health!

When Congress raises the hood on the tax code, they're usually working to raise money to pay for government. But sometimes they're more interested in nudging us to behave in ways they can't legislate directly. Take the mortgage interest deduction, for example, which "cost" the Treasury $69.7 billion in 2013. That deduction encourages millions of Americans to spend billions of dollars buying homes, building homes, renovating money pits, and keeping their homes looking spiffy — all of which returns billions more through our overall economy.

Quit Your Whining

By all rights, "Tax Day" ought to be one of our favorite holidays, like "Christmas in April" without the carols, the hype, or the eggnog. That's because eighty percent of us get refunds, averaging $2,782 each in 2017. (When was the last time Santa Claus left three grand in your stocking?) Of course, that means 20% of us are writing checks to the IRS. And if you're among that 20%, we sympathize. We know it hurts. But we're confident it doesn’t hurt nearly as much for you as it does for a "master of the Universe" named John Paulson.

IRS Investigates Pot of Gold at End of Rainbow

St. Patrick's Day was here last week, and every "Irish for a day" tippler in your social circle will take advantage of this convenient excuse to haul grandma out of the house for a little day-drinking. (It seems unnecessary on a Saturday, but whatever.) Faux-Irish saloons across America are tapping kegs of Guinness, pouring shots of Jameson, and covering their walls and ceilings in every Celtic cliche they can find: the shamrocks, the hats, the green beads, and of course, the leprechaun jealously guarding his pot of gold at the end of the rainbow.

Area Actress to Wed Ex-Soldier

Two hundred and forty one years ago, we declared our independence from Mother England — over taxes, of course. But here on our side of the pond, we've never completely lost our affection for all things British. We applauded as the Queen celebrated her 70th wedding anniversary. Netflix fans who just finished binge-watching Stranger Things are eagerly awaiting Season Two of The Crown. And now we've learned that Prince Harry and his longtime girlfriend, actress Meghan Markle, are getting married in May.