Payroll tax audits.

News you can use: Every so often I publish some interesting developments in the tax area. Outside payroll firms and/or the firms that hire them are responsible for payroll taxes. Sadly, sometimes these firms abscond with the money leaving their clients having to pay these payroll taxes. So what do you do? If your firm …

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Deducting your business equipment twice and acheiving asset protection

How would you like to double deduct your equipment and protect them from judgements? Sounds too good to be true, doesn’t it? Well you can, and it isn’t that hard to accomplsih. This is far and away one of the top financial planning strategies in the country, especially for physicians. You start by giving away …

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killmessenger

Avoid “Kill the Messenger” Syndrome

Always take responsibility for your mistakes and avoid “kill the messenger” syndrome at all costs. You might be asking what is “kill the messenger” syndrome? Good question. Sometimes folks make clear financial errors,which are pointed out by friends. Yet these same folks get mad at the messenger. Always try to avoid this. A good example …

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tax planning for residence that is fully paid off

Do either you or your parents have their principal residence mortgage free?  If so, no deductions are gotten from that residence. Even worse, most of the taxes paid are probably not deductible since there isn’t enough to probably itemize these deductions in order to deduct all the taxes. Thus, what should you do? Here is …

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Deducting vacations for both US and Canadians

Deducting “vacations”: Normally vacations aren’t deductible,but if you can do sufficient daily work, the daily living expenses are deductible. You are on business travel whenever you are sleeping away from home overnight conducting business. The key is that your primary purpose of the trip is for business. Thus, if your primary business is to have …

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