Financial Planning Insights

Many are wondering, "Can I claim business mileage on my tax return?" In 2017 The Tax Cuts and Jobs Act had a significant effect on deductions. Business mileage deductions were among the many deductions no longer allowed except in certain circumstances. Who is able to claim mileage has changed. Employees can no longer claim mileage. But, if you are..

With all of the new tax laws, many people are wondering if the student loan tax deduction has been taken away with the new Tax Cuts and Jobs Act. The exclusion was included in the original version of the law changes but, fortunately, was later removed. Student loan interest deductions come directly off of your adjusted gross income, thus lowering..

As a small business owner, chances are that you have an office at home where you work into the wee hours of the morning. Your small business can take up a great deal of time to manage successfully and a home office is one way that you can still be at home to have some family time.

The additional time at home is just one advantage of your home..

It is that time of year - when businesses begin to prepare for filing an annual tax return. Planning for tax-deductible business expenses is a shrewd way to change the outcome of your tax return. The IRS allows any 'ordinary and necessary' expenses you incur in the operations of your business. However, it is always important to make sure you are..

US citizens or resident aliens living abroad are subject to paying federal income taxes. The IRS automatically grants a two-month extension to file tax returns, but any taxes due must be paid by April 15 to avoid penalties and interest. In this guide to foreign income tax we discuss the Foreign Earned Income Exclusion in depth and how you can..

Filing taxes is nobody’s favorite thing to do. With all the paperwork, forms, and numbers, the results can really upset taxpayers. 

While another tax season has now passed, it is never too early to start planning for next year's taxes. In particular, as a small business owner, you will want to make sure that you take advantage of all of the tax deductions available to small business owners for business expenses. While the IRS offers a fairlyin-depth guideon deducting..