Flipping the Rules of the Game
The Money Mythbuster
Do you ever feel panic or dread when tax season is looming?
“Taxes” have never been an inviting topic – we can all relate to that queasy feeling that comes with tax season. But be sure to mark on next year’s calendar, “NO TAX DREAD,” because we are going to dispel the common fears and myths that surround the scary topic of “taxes.”
Can I Deduct This Meal as a Business Expense?
There is so much tax jargon thrown around, such as “directly related and associated with” or “ordinary and necessary.” It can be pretty confusing, and it is difficult to assess what qualifies as an expense. The good news: once you sift through the terminology, you’ll likely find that you can deduct more than you expected when it comes to business meals. The business meal deduction has been supersized!
Does Claiming a Home Office Deduction Increase My Chances of Being Audited?
The simple answer is, “yes.” Unfortunately, the IRS is always speculating and trying to find red flags. However, the home office deduction red flag is easily avoided. With the proper tax preparation, the IRS will have no reason to come sniffing.
Are IRAs Really the Best Retirement Investment Vehicle?
IRAs have been popularized over the last several decades. Most wealth management advisors will (not so subtly) encourage you to invest ASAP. IRAs certainly have their benefits, but it’s important to not simply trust the conventional wisdom. Through a cost-benefit analysis, you many find that IRAs are not as appealing as you’ve been told.
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The same financial practices apply to both big businesses and households. Whatever the size of the enterprise, your financial legacy should be treated with the attention it deserves.
Tax Preparation & Strategy
Every financial and business decision has a way of trickling into and affecting your taxes. Your decisions should lead to tax benefits rather than tax consequences.
Money is a bit like your car keys. If you don’t keep track of it, you can lose it.
If you run your own business, chances are you need to pay employees…including yourself! Payroll should feel like a reward for all your hard work, not a time-consuming chore.
Your assets, your wealth and your success are part of your legacy. It should be long-lasting and secure.
What Our Clients Are Saying
Every family that works so hard to earn success wants to make sure they align themselves with a team of people who can see their vision, help them grow and protect what they work so hard to acquire. Working with Randy and his team has been one of the easiest transitions we have ever made as a business and a family. From top to bottom, Randy and his organization have created an environment of trust, honesty and shown a complete commitment to helping us organize ourselves in a way that allows us to keep our primary focus on our business and family knowing he is guiding us strategically to protect and grow our assets. Through every situation, there has never been a time that we did not get a response within 24 hours from Randy or his team. Not only is this organization of individuals smart and responsive, but they have been a joy to be around – simply great people inside and out! Thank you so much for your commitment to excellence in every way!
- KC & Jessica M.
Working with Randy and his team has been such a blessing. Each member of the team is professional, incredibly genuine, knowledgeable and very responsive. Over and over, we have been impressed with their ability to problem solve and complete any task. We’ve never felt more assured that we’re moving in the right direction financially and our confidence in Randy and his team only continues to grow. We love the family atmosphere and strong values that TBH Tax represents are proud to be lifelong partners with such an outstanding group.