Posts Tagged ‘Income Tax Deductions’

When to Borrow Against Your 401(k) Plan

While you don’t necessarily want to borrow against your 401(k) plan, there might be some situations when you would consider it.

401(k) Plan Loans

The Internal Revenue Service (“IRS”) allows employers to allow employees to borrow against their 401(k) plan. For an employee to borrow against his 401(k) plan this loan provision must in the plan document. The maximum that can be borrowed is one-half the account value, not to exceed $50,000.  The employee must … Continue reading »

3 Proven Reasons a Small Business Should Consider a SEP Retirement Plan

A Simplified Employee Pension (SEP) is an employer sponsored retirement plan.


Here are 3 proven reasons to consider this plan.


4 Easy Ways to get Fired By Your CPA…Guaranteed…


Last week we told you How NOT to Fire Your CPA.

This week we are turning the tables and showing you 4 Easy Ways to get Fired By Your CPA.

Fifty Shades of Tax Deductions

No Fifty Shades of Grey here.  Here are Fifty Black and White Tax Deductions and Credits.

1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions.

2) Medical Expenses

3) Medical Miles – The deduction for medical miles is currently 23 cents per mile.

6 Easy Steps to Navigate an IRS Audit and Save You (Tax) Money

1) Determine if this is an IRS Field, Office or Correspondence Audit

With a Field Audit, the audit will be done at your place of business. Most taxpayers requests that the audit be moved and done at your CPA’s office. The auditor however still has the right to visit your office.

In an Office Audit, the audit will be done at the local IRS office. You get to go see them.

In a Correspondence Audit, everything is done through … Continue reading »

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