Tag Archives: Taxes

How can I use tax loss harvesting to reduce my tax liability?

tax loss harvesting

Tax loss harvesting is strategically selling an investment at a loss, or “realizing” a loss on the sale of a capital asset in an effort to reduce the tax liability on any capital gains realized in the same calendar year. There are some restrictions, but ultimately it means you can reduce how much tax you […]

Things to know about the IRS Expansion of the Electric Vehicle Tax Credit

electric vehicle credit, tesla

If you’re in the market for an electric vehicle and you’ve kept your eye on the ball, you’ll have noticed the recently passed Inflation Reduction Act of 2022 includes changes to the credit available for the purchase of an electric vehicle. These changes are quite complex, phasing in over time, but there are some benefits […]

The IRS is targeting business transactions in bitcoin and other virtual currencies

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced that it is targeting virtual currency users in a new “educational letter” campaign.  The nuts and […]

How entrepreneurs must treat expenses on their tax returns

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. […]

Recent Developments That May Affect Your Tax Situation

The following is a summary of important tax developments that occurred in October, November, and December of 2018 that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize […]

Recent Developments That May Affect Your Tax Situation

The following is a summary of important tax developments that have occurred in July, August, and September that may affect you, your family, your investments, and your livelihood. Please call Launch Consulting Inc at 512-666-0729 for more information about any of these developments and what steps you should implement to take advantage of favorable developments […]

Now’s the time to review your business expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many […]

Be sure your employee travel expense reimbursements will pass muster with the IRS

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees. Travel reimbursements also come with tax benefits, but only if you follow a method that passes muster with the IRS.

Business deductions for meal, vehicle and travel expenses: Document, document, document

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or […]

Third Quarter Tax Updates

Interested in what’s happened over the last three months this year? I’ve summarized the key tax developments that may affect you, your family, your investments, and your livelihood. President Trump reveals tax reform plan. The Trump Administration and select members of Congress have released a “unified framework” for tax reform. This documents details a number […]