Would You Like To Know Your Future Tax Balance Now?

Founding Father Benjamin Franklin once said, "If you fail to plan, you are planning to fail.” This wise saying applies to taxes as well! It is impossible to reduce your taxes without being proactive. Consequently, failure to plan will lead you to getting a huge tax bill right before April 15th! You’ll have to go through tremendous amounts of stress and anxiety about your impending payment to Uncle Sam just by not planning! However, what if we told you that there is a way to control your tax destiny for 2021 at no cost?

Yes, that’s right, we have a FREE Tax Estimator Tool that can help you estimate your tax liabilities in real-time. You can now see how much you would pay in taxes for the current tax year!

 

Automate Your Mileage Log Now!

We can all get caught up in the day-to-day work that we forget to keep track of our business trip expenses and miss out on hundreds or even thousands of dollars worth of deductions. We might even receive an IRS Audit if we lose track and cannot distinguish between what was personal and what was solely for business in these trips. Avoiding these audits is a major reason why you should feel encouraged to keep a log that helps you track business expenses.

We have a method that can help you seamlessly track all your trips so you don't have to get in trouble with the IRS! Don't believe us? Check out our video; you will not believe what we found out! If you missed our previous campaign about maximizing your auto deductions, click this here to learn how to!

How NOT to get in trouble with the IRS on Auto Mileage Deduction!

Though many people are staying at home more now, there will be times where we may still have to go out to meet our customers, suppliers, vendors, etc. Whether your trips may be frequent or rare, as a business owner, it is still important to track your mileage for your auto deductions. Do you know estimating your business auto mileage could land you an IRS audit?

If you are not aware of auto deduction, you're not going to believe what we found out in our latest video!

Shocking Truth About The PPP They Didn't Tell You!

If you have received the PPP loan, have you looked at your bank statement lately? If you see something strange with the PPP loan balance such as, new interest charge, don't panic. Under the SBA Website, there is a document that goes over the rules and regulations of the Paycheck Protection Program that has been overlooked by everyone. Watch our video to learn more!

 

If you want to learn how to achieve 100% loan forgiveness on the PPP loan, click this link:
https://www.oneselfclub.com/resources/vlog/videos/how-to-achieve-100-forgiveness-on-the-ppp-loan

 

Are You Missing Home Office Deductions?

Do you have a Home Office?

You could be missing out on Home Office Deductions that could save you hundreds or thousands. Whether you started their own business, do some freelance work on the side, work remotely for an employer, or were sent home for a few months because of the coronavirus. You may be able to take a tax break for your home office expenses, but you need to follow some strict rules. There's a lot of confusion around the home office deduction because many remote workers who took the break in the past are no longer eligible – the Tax Cuts and Jobs Act eliminated the home office deduction for employees who work from home for an employer. But self-employed people can still take the break if their home office qualifies.

To qualify for the home office deduction, you must use part of your home "regularly and exclusively" for business. Your office doesn't need to be in a separate room, but it has to be in an area of your home where you don't do anything else. It can be a dedicated nook in the corner of your basement, for example, but it can't be the kitchen table where your family also eats.

If you're working at home for just a few months – which so many people are doing now because of the coronavirus – you may be able to take a partial-year home office deduction when you file that year's income tax return but, you must be self-employed, the home office must be used regularly, and exclusively for business during those months. Keep this requirement in mind if you're setting up a temporary office in your home: It doesn't have to be a separate room, but it has to be a space you use exclusively for your business.

If you have any questions about home office deductions, talk to us today. We're here to help!