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How Important Is It To Keep A Mileage Log For Your Business?

In most court cases, taxpayers lose vehicle expense deductions because they cannot present a credible business mileage log. The IRS code forbids deductions for vehicle expenses when taxpayers cannot prove the mileage and provide an adequate record.  Failing to maintain such records could lead to far fewer deductions than the actual business mileage, potentially resulting […]

Claim Your 2020 and 2021 ERC Now (Yes, in 2022)

During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). Lawmakers created this tax credit in response to the COVID-19 pandemic. With the ERC, you found (or could find) tax credits of up to $26,000 per employee. That’s a lot. With 10 employees, that’s $260,000. Key point. If you […]

Self-Employment Tax Basics July 2022

July 2022 Self-Employment Tax Basics If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the self-employment tax. Self-employment taxes are not insubstantial. Indeed, many business owners pay more in self-employment taxes than in […]

Client Tax Tip Letter August 2021

Don’t Miss Out on the Employee Retention Credit It’s hard to imagine that a small business does not qualify for some or all of the employee retention credit (ERC). And remember, this is a tax credit—one of the very best things that tax law has to offer. True, it’s not as valuable as some other […]

JOE BIDEN IS NOW THE DEMOCRATIC PRESIDENTIAL CANDIDATE LETS LOOK AT HIS TAX PROPOSALS OR LACK THEREOF

“Biden has not released a single formal tax plan, but he has proposed many tax changes and increases connected to spending proposals related to issues like climate change, infrastructure, health care, education, and research & development. Most of these proposals center around raising income taxes on high earners as well as on businesses. Selected highlights of Biden’s tax […]

Tax Saving Tips August 2020

Bonus Depreciation Some Are Learning From Our Example In recent months, several countries have introduced accelerated depreciation as a measure to incentivize private investment, including Australia, Austria, Germany and New Zealand.  Countries around the world are experiencing sharp economic down turns as a result of the COVID-19 health crisis. They need to gain more support […]

Tax Savings Tips July 2020

THE WHALEN GROUP Tax-Saving Tips July 2020 Government Clarifies PPP Loan Forgiveness for the Self-Employed We now have both the new clarity and an easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees. New Easy Road to 100 Percent Forgiveness Say thanks to the Paycheck Protection Program Flexibility Act […]