CHOOSE YOUR BUSINESS ENTITY WISELY Contact us for more information. https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com

BEWARE! The Tax Cuts and Jobs Act makes hobby loss expenses not deductible for 2018 - 2025. If your business claims a net loss for too many years or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll have to prove that you had a valid profit motive if you want to claim those deductions. Don’t let the Hobby Loss Rule raise its ugly head on your tax bill! Contact us for more information. https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com

ACT NOW! Get your safe harbor expensing in place. There is a way to create tax-favored expensing with no recapture. To create and protect your safe-harbor expensing, you make—or your corporation or partnership makes—a formal election on your tax return to use the de minimis safe harbor to expense assets costing $2,500 or less (or $5,000 with applicable financial statements, as explained later). This wonderful safe-harbor election eliminates the burdens of tracking those small-dollar assets, depreciating and/or Section 179 expensing them in your tax returns and account books, and remembering to remove them from your books when you remove the assets from your business. Contact us for more information. https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com

Whether you’re a sole proprietor or a corporate-owner employee, a mileage log is more important than you might think. Without one, you may lose out on all vehicle deductions. It’s not too late to get organized. Need help with all the details of your tax planning? Schedule a time to talk to us about saving money on your taxes. https://calendly.com/d/2p6-6bg-x8v/... www.whidbeycpa.com

New Clean Vehicle Tax Credit You can benefit from a federal tax credit for an electric vehicle in four ways: 1. Purchase a new 2. Purchase a used EV 3. Lease an EV 4. Purchase an EV for business use. Contact us for more information. https://shorturl.at/bnOP5 Learn more at: http://dcataxplanning.com

REPAIR Your Property - Don't Improve Here’s a fact: the repair deduction is worth far more after-tax cash than a depreciation deduction. https://calendly.com/daren-dcatax/f... Learn more at: http://whidbeycpa.com

Schedule a time to talk with us today! https://calendly.com/daren-dcatax/f... Learn more at: http://whidbeycpa.com

SELLING AN INVESTMENT PROPERTY? You'll want to know about installment sales. Schedule a time to talk with us today! Defer the taxes on your gain and potentially pay a lower tax rate later. Schedule a time to talk with us today! https://calendly.com/daren-dcatax/f... Learn more at: http://whidbeycpa.com

The only way to realize the tax benefit for business travel is through direct corporate payment of the travel or reimbursement to you. Don’t lose out on these tax savings. Schedule a time to talk with us today!https://calendly.com/daren-dcatax Learn more at: http://whidbeycpa.com

As a business owner, you can turn some or all of your personal medical expenses into business deductions! The right circumstances start with having one eligible employee. Schedule a time to talk with us today! https://calendly.com/daren-dcatax Learn more at: http://whidbeycpa.com

If you pay your spouse wages, you’re simply moving the income from one place on your tax return to another. INSTEAD OF WAGES, you should pay your spouse entirely, or mostly, with tax-free employee fringe benefits. Certain types of employee benefits, such as health insurance, are not taxable income for your spouse-employee, yet they are a deductible expense for you as your spouse’s employer. This results in REAL TAX SAVINGS. Schedule a time to talk with us today! https://calendly.com/daren-dcatax Learn more at: http://whidbeycpa.com

REDUCE YOUR SELF-EMPLOYMENT TAXES Avoid higher Social Security and Medicare taxes by organizing your business as an S-Corp. Contact us - we’ll show you how! Schedule a time to talk with us today! https://calendly.com/daren-dcatax Learn more at: http://whidbeycpa.com

The COVID-19 pandemic forced many self-employed individuals and small corporate owner-employees to miss work for personal reasons, such as staying home to care for children whose schools or childcare providers were unavailable due to the pandemic. To offset the trouble, the federal government provided sick and family leave tax credits. If you failed to claim the credits until now . . . There’s still time! Schedule a time to talk with us today! https://calendly.com/d/zyh-gdj-9qh/... Learn more at: http://whidbeycpa.com

A Clean House May Lower Your Tax Bill Let’s say you pay someone to clean your home for $200 every two weeks. That’s $5200 for the year. Let’s say your office is 15 percent of your home. So, for the year, you pay $780 for office cleaning and $4420 for home cleaning. That qualifies as a home-office deduction! Remember to file a 1099-NEC if you’ve paid the cleaning person more than $600. Schedule a time to talk with us today! https://calendly.com/d/zyh-gdj-9qh/... Learn more at: http://whidbeycpa.com

Choosing a business entity—also known as a business structure—that fits really depends on how many owners are involved, how big your dreams are, and how you want to pay both yourself and Uncle Sam. Schedule a time to talk with us today! https://calendly.com/d/zyh-gdj-9qh/... Learn more at: http://whidbeycpa.com