Vehicle Tax Deductions for 2023

Last-Minute Purchases to Maximize 2023 Vehicle Tax Deductions

Looking to maximize your vehicle tax deductions for 2023 and wondering if there's still time? - Do you need a replacement business car, SUV, van, or pickup truck? - Do you need tax deductions this year? - Do you need a tax credit to offset what you owe to the IRS? 2023 Tax Credits /...

Writing Off More Than One Vehicle

Can You Write off More Than One Vehicle?

Are you hoping to write off more than one vehicle and have been told you can't? Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle. When Should You Write Off More Than One Vehicle? You might maximize tax benefits by using multiple vehicles for business...Continue reading

Home Office Deduction as a Corporation

Will Your Home Office Deduction Pass the Muster in an IRS Audit or Raise Red Flags?

With more people working from home, one has to wonder if the home-office deductions on tax returns are out of control or warranted. Will the IRS be scrutinizing home office deductions and what do they look for. In short, will your home office deduction pass in an IRS audit or will it raise red flags?...Continue reading

Filing Form 8275

When to File Form 8275 to Avoid Penalties

Form 8275 is filed to disclose all types of tax positions.  When you're considering taking an aggressive position on your tax return that could result in a substantial tax reduction, but you're worried about having to pay a penalty, talk with Ken-Mar Tax for a free consultation. As an Enrolled Agent, Ken Weinberg is up-to-date...Continue reading

Airbnb Rental Income and Self-Employment Tax

Do I Need to Pay Self-Employment Tax on Airbnb Rental Income?

In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s conclusions cannot be cited as precedent or authority by others, such as you or your tax professional. Even so, we always consider what the CCA says as semi-useful information, so here’s some...Continue reading

Deduct a Home Office

Can You Deduct a Home Office if You Have Another Office Outside the Home?

Question: Can you deduct a home office if you also have a non-home office? Answer: Yes! As the tax reduction specialists for the self-employed we navigate through the home office deduction issues regularly.  We know what the IRS looks for and what you will not get away with. SO let's make sure your tax reduction...Continue reading

self-employed tax expert Cleveland

When Do I Have to Pay Self-Employment Taxes?

What Are Self-Employment Taxes? Do I Pay Them? Self-employment taxes are to individual business owners what payroll taxes are to employers and employees. They fund Social Security and Medicare.  All individuals with self-employment income must pay self-employment taxes, regardless of their age. When business owners reach retirement age, they’ll be able to collect Social Security...Continue reading

Landlords Tax Reduction Cleveland

Landlords and Business Owners: New Law Improves Energy Tax Benefits

Landlords and small business owners should know the newly enacted Inflation Reduction Act contains tax credits and depreciation benefits for owners of commercial property and residential rental property.  As a Cleveland landlord, or small business owner, if you implement various types of renewable energy improvements, you can qualify for hefty tax credits or deductions.  One...Continue reading

1099-NEC or 1099-MISC

Beginning 2020 IRS Requires 1099-NEC Instead of 1099-MISC

What is Form 1099-NEC? Starting with the 2020 tax year, the IRS requires businesses to use the new Form 1099-NEC to report nonemployee compensation – not Form 1099-MISC, which was previously used. Filing Taxes With a 1099-NEC If you are self-employed and receiving any type of 1099 forms, you should be using a tax preparation...

Business Tax Deductions Expert Cleveland

Tax Cuts and Jobs Act (TCJA) Made Changes to Business Deductions

As our Ken-Mar Tax clients know, we pride ourselves on maximizing tax deductions for the self-employed – which is why so many of our customers are real estate agents, small business owners and W-2ed employees with “side-hustles” like ride-sharing with Uber or Lyft, selling hand-made crafts on etsy or re-selling on Facebook Marketplace, Poshmark or...Continue reading

CLeveland Uber Driver Tax Specialist

Don’t Miss Tax Deductions for Uber, Lyft and other Ride Share Drivers

Have you recently started driving for Uber, Lyft or another ride-share company to pick up some extra cash?  Unless you’ve met with Ken Weinberg of Ken-Mar Tax, you’re probably missing out on even more money in tax deductions!  Being a tax reduction strategist for the self-employed, Ken specializes in helping people like you who get...Continue reading

tax deductible business espenses

Reduce Taxable Income with these Business Expenses to Claim on Your Taxes

At Ken-Mar Tax we specialize in tax reduction strategies for the self-employed because after decades of studying the tax code, working with the IRS and preparing tax returns for self-employed individuals we realize there are still many business expenses that get forgotten when filing taxes.  One thing we do to help our clients is equip...Continue reading

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