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Tax Topics

Business Deductions

 Business deductions, or “write-offs” as most people call them, can reduce your taxable income and therefore reduce the amount of tax you pay.  But in order for business expenses to be deductible, they need to be ordinary and necessary for generating income.  Typical business expenses might be items like rent, wages, and office supplies.  It’s up to the business to decide what is ordinary and necessary, and three areas where careful consideration should be used are: Reasonableness, Personal Benefit, and Profitability. 

Tax Basics - Income

 The first video in a series on Individual Income Tax Basics.  I discuss what is considered income with regards to your tax calculations.

Tax Basics - Deductions

    The second video in the Individual Income Tax Basics series.  I discuss various deductions you can claim to reduce your income.  And the difference between Adjustments to Income, the Standard Deduction, and Itemized Deductions.

Tax Basics - Credits

    The final video in the Individual Income Tax Basics series discusses Credits.  These amazing things reduce the tax you pay dollar for dollar. This is the last part in calculating the tax you owe.

Gifts

   Gifts are considered transactions prior to your death.  Watch to learn about gift restrictions, the lifetime exemption, and de minimis gifting. 

Inheritances

Learn how inheritance is treated by the IRS, as well as things to consider when planning your estate transfer after your death.

Top 5 Income Forms - 2022

   Top 5 forms you will likely receive related to tax income for your personal taxes.  

Top 5 Deduction Forms - 2022

 Top 5 forms you will likely receive related to tax deductions for your personal taxes. 

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