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Maximizing Business Deductions
Did you know that farmers can add breeding cows as a depreciating expense on their business taxes? An ostrich farmer once successfully claimed his ostrich as a depreciating expense! If you are a business owner, you likely already know about business deductions and how...
Tax Brackets
In the American tax filing system, we use tax brackets to determine the amount of taxable income someone owes, and at what percent. There are seven total tax brackets. A common misconception of tax brackets is that you pay the percent calculated for your total taxable...
Why Bookkeeping is Important
Bookkeeping is crucial to the success of a business. Small business owners may not feel it necessary to hire a bookkeeper especially if they keep basic records of their finances. This thought process, however, is detrimental to the overall success of a business. Your...
The Importance of Business Tax Planning
In a 2001 tax court case, a family-owned junkyard was tried for deducting cat food off their business taxes. They classified this expense under Section 162 as an “ordinary and necessary” expense. They ended up winning the case since the cat food brought in stray cats...
The Importance of Individual Tax Planning
In 1993 Willie Nelson created an album called “The IRS Tapes: Who Will Buy My Memories” which was a creative accommodation the IRS allowed for him to pay back his $16.7 million tax bill. The trouble began when the IRS had deemed the tax shelters his accountants had...