The IRS doesn’t take kindly to shortcuts, but it does offer legitimate ways to structure a business for tax efficiency. For solo business owners or small partnerships, switching from sole proprietorship or LLC status to an S-Corp often opens a door to meaningful savings. The process isn’t magic—it’s math. Learn to use that math in your favor.
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Robert V. Boeshaar, Attorney at Law, LLM, PLLC Blogs
Latest from Robert V. Boeshaar, Attorney at Law, LLM, PLLC
Overdoing Business Deductions Could Trigger a Tax Audit
For many small business owners, when tax season comes it brings a mix of pressure and strategy. You’re not just trying to stay compliant; you’re trying to be smart about what your business spent over the year and what makes sense to deduct to reduce your taxable income. Deductions can ease the tax burden when used correctly. But pushing
Properly Expensing Work Travel & Meal Expenses on Your Tax Return
Whether you’re running a business or working in a role that requires you to travel, you need to understand how this applies to your tax return. Properly accounting for your travel and meal expenses can help lower your tax bill and reduce the risk of problems if the IRS audits your return. However, making a mistake in deducting work
Properly Writing Off Home Office Expenditures on Your Tax Return
For small business owners or executives who work from home, understanding what qualifies as a legitimate home office deduction can reduce taxable income and keep more money in the business (and in your pockets). Whether you run your entire operation from a home office or use part of your home for administrative tasks, the tax code allows specific deductions as
How to Handle an Employee Retention Tax Credit Audit
The Employee Retention Tax Credit (ERTC) was a financial lifeline for businesses that kept employees on payroll during the pandemic, but it has also become a source of stress. The IRS has cracked down on ERTC claims due to widespread fraud, launching audits that have caught even well-intentioned Washington business owners in the process.
Many small business owners who properly
How Innocent Spouse Relief Can Shield You From Your Former Spouse’s Tax Irresponsibility
Your marriage is a combination of two lives into one. This commitment means everything comes together for both of you, including the mistakes. But do you have to risk your entire financial future if your spouse makes significant tax mistakes that you didn’t know about?
When you file a joint tax return, you are both agreeing to be responsible for
Common IRS Scams You Need to Look Out for During Tax Season
As the new year approaches, it’s time to prepare for tax season. Now is the perfect time to gather documents, make any end-of-year financial decisions that impact your filing, and position yourself for a smooth tax filing process with your accountant or tax professional.
Unfortunately, scammers are also gearing up for the tax season to take advantage of unsuspecting taxpayers
Misclassifying Employees Could Result in an IRS Audit and Tax Penalties
We live in an evolving world where modern businesses are looking for new ways to complete tasks and meet company objectives. This often includes hiring workers from different backgrounds and in different categories to better satisfy the needs of your organization. But, these varying employee types create additional risks for businesses.
Misclassifying an employee can trigger an IRS audit, leaving
How to Respond When the IRS Garnishes Your Paycheck
When you’re in trouble with the IRS and dealing with insurmountable debt, it can have a direct impact on your paycheck. Nobody wants to see their hard-earned money taken away from them before it ever hits their bank account, but it happens to millions of Americans every day.
When the IRS takes this step, it’s because they’ve tried other means
Reduce Your Taxes: How to Identify Taxable and Non-Taxable Income
The amount you must pay in taxes depends largely on the amount of your income. It can be reduced by how many personal itemized deductions you can claim or by your business’ expense deductions. But another way to reduce your taxes is if you determine that any of the income you have received qualifies as nontaxable income.
When you