What’s a Healthy Law Firm Profit Margin? | The Deduction #026

Because we serve mostly law firms in our bookkeeping and tax advisory business, we get to see, in real life, the real numbers of real businesses. I thought today I’d give you an idea of what we see from successful

How LLCs Can Provide Real Asset Protection

 When it comes to estate planning and protecting your assets, LLCs (Limited Liability Companies) can be a powerful tool—but only if they’re used correctly. There’s a lot of misinformation out there, so let’s clarify what works and what doesn’t.

3 Ways to Pay Your Kids… | The Deduction #025

Happy Sunday! One of the tax strategies people love to use with their business is something called “income shifting.” It’s basically moving income from you and your higher tax bracket to someone else in a lower tax bracket. Like your

The Tax Advantages of Owning Your Office… | The Deduction #024

I was talking with a new client last week and they mentioned that they owned their office building but weren’t sure if they structured the deal in the best way. I’m going to talk to them about it in the

The “Strange Bed Rule”: What It Means for Business Travel Deductions

Have you ever heard of the “strange bed rule”? Don’t worry—it’s not what you think. This isn’t about awkward situations or hotel mix-ups. It’s actually a tax rule, and if you travel for work, it can have a big impact

The “Strange Bed” Rule: A Simple Guide to Business Travel Deductions

When it comes to tax deductions for business travel, there’s an oddly named but surprisingly important concept: the “strange bed” rule. And no—it’s not what you think. What Is the Strange Bed Rule? The strange bed rule is a tax