Robinette Law - March 2020

obinette Reporter

www.RobinetteLaw.com Local: 304-594-1800 24 Hour Help: 304-216-6695

March 2020

DEDUCTING TO ZERO How to Thrive This Tax Season

FROM THE DESK OF Jeffery L .Robinette

HOW MUCH INSURANCE DO I NEED?

All too often, we receive calls from potential clients who have been seriously injured, sometimes with permanent life-altering injuries, and there is little to no insurance coverage available from either the at- fault party or their own policy. They are in desperate need of medical treatment and compensation from lost wages, but adequate insurance coverage was not in place before the collision. Sadly, there is not much that can be done by way of financial compensation for this huge disruption in their lives. One of the most common insurance mistakes I see drivers make is not buying enough underinsured motorist (UIM) and uninsured motorist (UM) insurance for their vehicles. As many as 1 in 6 drivers are uninsured, and many more only have minimal coverage and no assets, so you must protect your family and yourself by purchasing as much of these additional coverages as you can afford. I recommend at least $100,000 in UIM/UM coverage. Protect your family’s future by ensuring you have adequate UIM and UM coverage. It is truly one of the best investments you can make.

If you’re a small-business owner, tax seasonmay feel daunting. The federal tax code and supporting documents are nearly 70,000 pages long, and you just want tomake sure you’re saving as muchmoney as possible. But how likely is it that you’ll do so? Over 93% of small- business owners overpaid their taxes in the past decade, according to Forbes. “The best taxes are the ones you don’t have to pay,”writes Garrett B. Gunderson, the financial advisor who reported the statistic. Most small-business owners are unaware of the many deductibles and strategies they can use tomake the most of their money this year. Keep Every Receipt During the year, receipts can create clutter and disorganization, which discourages most people from keeping track of them. However, you can earn plenty of deductibles by keeping each and every receipt, whether personal or business. Without spending any extra money, you canmake sure the savings you’ve already earned don’t vanish. The app 1tap receipts makes it incredibly easy. Just take photos of your receipts (even if they’re double-sided!), and it’ll automatically import the information to the app. It can sync withmost bookkeeping and tax-filing software andmakes your life incredibly easy during tax season. Deduct, Deduct, Deduct Are you aware of all your available tax deductions? All of the following are a 100% tax-deductible: salaries and benefits, telephone and internet expenses, education, depreciation, home office, interest, legal and professional feeds, moving expenses, rent expenses, business meals, business insurance, business interest and bank fees, business use of your car, and advertising and promotion. Finally, any personal expenses you can link to your business can also be deducted.

-Jeff

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