Should I Invest in Art? Can I deduct it?
For anyone expecting a big return on the signed print they bought online, know that a mere one percent of all artists generates more than half of all artworks sold globally. While there is no way to ascertain the next big thing in art, and no guarantee of a positive return, many high-net-worth individuals enjoy […]
How to make Recreational Gambling Less of a Gamble
You’ve heard the expression “the house always wins” when it comes to gambling, and usually the IRS wins more often than it loses as well. If you’re a gambler, particularly if you’re a high roller, you need to We can help you use every deduction you’re entitled to with a free Discovery Session. Just visit […]
Important Tasks For Your Atlanta Business’s Year-End Payroll
The end of the year, that is. That means that for your Atlanta business’s financial reporting, this is go time. Now that we’re into December, time is short to take care of your year-end accounting. This is something we specialize in so be sure to get on our calendar to set up your EOY bookkeeping […]
Mark Perlberg’s Believe it or Not: Strange Tax Laws
⦁ At Kansas Amusement Parks, boarding a hot air balloon that’s still attached to the ground is subject to an ironically named “amusement tax.” If the balloon is released, the ride is tax free. ⦁ New York takes a shmear out of your wallet adding an 8-cent tax for slicing, spreads or other additions, while […]
The Best Strategies for Proving Business Travel Expenses
Whether you are a business owner claiming travel costs for a corporation or proprietorship, the rules governing receipts, business reasons, and canceled checks are the same. Keep your sanity intact by staying on top of things as you go along instead of leaving everything until April 14. Don’t overlook smaller travel expenses like the costs […]
QUICK! Take Advantage of these End of Year Deductions!
It’s not too late for business owners to make strategic tax deductions before the end of this year. Here’s how: Prepay expenses using the IRS safe harbor allowing cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance. Qualifying expenses include lease payments on business vehicles, rent payments on offices and […]
Will Your Atlanta Company Be Giving Year-End Bonuses?
The plot to one of the most iconic Christmas movies of all time, Christmas Vacation, centers on one holiday hope: the year-end bonus. Clark Griswold, as “the last true family man”, decides he will use his promised year-end bonus to install a pool in his family’s backyard. When the dream fails to materialize, Clark gets […]
Your retirement is one year closer – Have you planned for it?
Your retirement will be one year closer in a few weeks so how can you plan your tax reductions strategies around that as well as protecting your 2024 (and beyond) earnings? Here are five opportunities you may have overlooked: ⦁ If you have employees, establish your 2023 retirement plan before December 31 so you and […]
Are your ERC Claims Legitimate?
Although the ERC offers businesses potential tax credits of up to $26,000 or more per employee up to 10 employees, some ERC cheaters and scammers have driven the IRS to: ⦁ Stop processing new claims until after December 31, 2023. ⦁ Issue a Circular 230 warning to tax pros. ⦁ Release IRS Forms 3949-A and […]
Practicing Thankfulness in Your Atlanta Business
Does your Atlanta family sit around the table at Thanksgiving dinner and share something they’re thankful for? I’ve been at those holiday meals many a time. I appreciate the intent, and will admit it’s usually effective in getting me to feel more grateful, but I do wish those hosts would generally restrict the “I’m thankful […]