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NORTON NEWSLETTER
THE REAL ESTATE TAX PRO ™
NortonAccountingServices.com 985-690-4498 Info@NortonAccountingServices.com AUGUST 2024
EASE OF MIND • AVAILABILITY • FLEXIBILITY • INDIVIDUAL APPROACH • EXPERIENCE • TAX SAVINGS OPPORTUNITIES
Things to Think About … ANSWERING A CRITICAL QUESTION RELATED TO VEHICLE PURCHASES
I am asked the same question often: Should I buy a vehicle in my business name or mine? The question starts here but inevitably ends with a game of 20 questions to determine the answer. Why? Because my answer depends on several facts and circumstances. Vehicles are capital assets you depreciate, which means several tax code rules apply to them, and entrepreneurs have been taking advantage of those rules since the tax code was created. So, the IRS continues to write new rules to prevent people from circumventing them, and we now have a lot of said rules. Because of that, I will explain some of the factors involved and hopefully provide the clarity you need regarding vehicles. Business Expenses You can spend money on your business in many ways because, you know, it’s your business. But if you spend money on it to help run or grow it, that is a business expense. Whether or not that business expense is deductible is another question. For instance, if you spend that money on entertainment, you cannot deduct it. When it comes to spending on vehicles, whether you can deduct and how much depends on several factors. For example, if you buy an expensive luxury vehicle for your business, then you will not be able to deduct the full amount until you sell it. Mileage and Usage There are two types of usage for business-owned vehicles: business and personal use. Just because a vehicle is business-owned does not mean it cannot be used for personal use. Let’s face it: When you are a small- business owner, you drive that business vehicle everywhere. That is why the IRS wants you to split your usage of that vehicle between personal and business use, and they do that through mileage. You have to keep mileage logs tracking your mileage on all of your vehicles. Otherwise, in the event of an audit, the IRS may deny all of your vehicle expenses. For a personal vehicle, you can opt to take a mileage deduction, using the IRS’ annual rate, but only if you do not write off the vehicle when you purchase it. Business or Personal Be ready for tax implications when you buy a vehicle in your business’s name or your personal name. If the company owns the vehicle, it is a bit easier because it pays all the expenses. Keep in mind that you will need commercial auto insurance, which is typically more expensive than personal insurance. If you own it and use it for business, you get
reimbursed for all those expenses from the company. Regardless, you still have to break down business versus personal use. If the business owns the vehicle and you use it personally, you have to add to your wages or your income, which is called personal use of company car, or PUCC. If you own the car personally and reimburse yourself, you are only able to deduct the business use of that vehicle. If you reimburse yourself for more than your business use, the IRS considers it a distribution to you from the business and not a deduction. Equipment and Luxury Vehicles Whether a vehicle is classified as equipment or a luxury vehicle will determine how much of its cost is deductible. Buying a vehicle with a combined towing and carrying capacity of 6,000 pounds is considered equipment. Typically, heavier SUVs and pickup trucks qualify. Otherwise — regardless of whether you spent $10,000 or $100,000 on it — it is regarded as a luxury vehicle. Equipment is 100% deductible. However, luxury vehicles are only partially deductible, and you can only write off a portion of their initial cost.
I would like to stress that this article is not tax advice but information to think about. If you would like advice, feel free to meet with me.
–Bob Norton
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Back to School
Tips for a Successful First Day of Class
For many, this summer has been hot, bringing many sweat-related issues that can wreak havoc on your skin-care routine. As we head into the summer’s twilight, consider adjusting your techniques with three dermatologist-approved tricks to beat the heat. Smell fresh all day. You know the tragic moment when you spritz on your favorite perfume, only to have the scent fade away before you’ve even made it out the door? A moisturizer can prevent that — specifically, an occlusive kind containing petroleum, like CeraVe or Aquaphor healing ointment. These products create a barrier on your skin, slowing the evaporation process and allowing your scent to remain fragrant longer. Free the pits. Do sweaty or dark-colored armpits keep you from raising your arms too much during the summer? Thanks to glycolic acid wipes, it’s time to throw your hands in the air like you just don’t care. Regularly using face or body pads containing BHA Dermatologist-Approved Hacks to Stay Cool BANISH SUMMER BEAUTY MELTDOWNS!
With summer break tragically ending (as it does, sadly, every year), it is time to get back in the groove and prepare for the new school year. If you want to get over the first-day jitters and start out strong, employ these tips to make your first day back at class so successful that others will want to study it. Getting a Head Start According to research by the Center for Economic Security and Opportunity, students lose as much as 25%–30% of the knowledge they accumulated the previous school year over summer break. Reading and math skills are particularly affected and see the highest regression rate. And the higher your grade level, the more you are likely to forget. The best way to combat this summer slump is to keep learning. Try reading books and practicing arithmetic at least three times a week to ensure you can maintain what you have previously worked so hard to learn. Shopping Spree You also want to come to school prepared! Shopping for school supplies is a great way to get everything you need for the year ahead, including a snazzy new outfit for the first day, notebooks, organizers, and favorite brands of pens and pencils. It’s also important to write your names in your notebooks to make
them easier to identify if they end up in the lost and found!
Mental Map No one likes getting lost. Whether returning to the same school as last year or heading into a new environment, finding your way can be daunting. If you arrive at school early, you can figure out where
(beta-hydroxy acid) or AHA (alpha-hydroxy acid) on your underarms can quickly refresh between showers and reap some top-notch benefits. These naturally occurring acids exfoliate the skin, unclog pores, heal sun damage, and help to lighten dark spots. Additionally, AHA and BHA can keep body odor away no matter how hot it gets.
Say bye-bye to makeup stains. As the adage goes, you can’t wear white after Labor Day — which makes summer the ideal season to strut your stuff in all your best achromatic outfits. Before you get dressed, take this simple precaution to prevent makeup and tinted SPF from smudging all over the collars of your crisp, clean shirts. The hack? A little hairspray on your clothing prevents smudging by leaving a thin film, creating a barrier between your makeup and the fabric. It might be the hottest time of the year — but that doesn’t mean you need to accept a total beauty meltdown. By incorporating these simple hacks into your daily summer routine, you’ll keep your cool in style for the rest of the season.
each class is and plot your path beforehand. Getting a feel for where you need to go
throughout the day can be a great way to help you feel more prepared and comfortable. Many schools also have physical maps, which can be a great resource to store in your backpack if you ever find yourself turned around.
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A Fluffy Guardian Angel HOW A DOG SAVED ITS FOSTER FAMILY FROM DISASTER
When a Virginia family of five decided to temporarily foster a dog in 2023, they weren’t expecting it to be a life-changing event. But they might not be here today if it weren’t for the Great Pyrenees named Moose that they took home for the weekend. Christopher Cushna and his partner, Sheila Janes, were looking for something fun and unique to do with their three children when they learned about the Paws Around Portsmouth program. This program allows people to foster dogs from the local Humane Society for a short time. They fell in love with big, fluffy Moose and decided to take him on a field trip around town. The family visited their own music shop, where Moose met potential adopters at an event sponsored by the U.S. Coast Guard. The friendly dog later accompanied them to a farmers market, a community band concert, and a flea market, where they met a woman who wanted to adopt him. Moose returned to the family’s houseboat for the evening since the adopter could not bring him home that day. As everyone slept, Moose suddenly woke Christopher and one of their Tasty Cucumber Sushi Rolls
daughters, Anya. Though everyone figured the energetic dog wanted to go outside, he was persistent, and they quickly noticed a neighboring houseboat engulfed in flames. As the fire began to spread, the family evacuated safely just minutes before the fire reached their boat.
"If Moose hadn't gotten Anya and Chris up, we would not be here, as we were all sound asleep, and the fire spread very quickly," Sheila said.
The family lost their houseboat and everything inside, but thanks to Moose’s heroic act, they are alive and grateful today.
“What I like to think about is that we saved Moose from the situation Moose was in, and Moose saved us on the boat,” Christopher said. Moose’s life-saving actions made big news, and a local woman adopted him. Now, the hero dog is living his best life on a 5-acre farm, complete with a swimming pool. For this family, who had no idea just how transformative a doggy day out could be, Moose will always be their knight in fluffy armor.
TAKE A BREAK
Ingredients
• 1 cup uncooked sushi rice • 1 1/2 cups water • 2 tbsp rice vinegar • 1 tbsp sugar
• 1 tsp salt • 2 sheets of nori • 1/2 a cucumber, sliced lengthwise into thin strips
1. To make sushi rice, combine rice with water in a small saucepot. Add vinegar, sugar, and salt. Bring to a boil, cover, reduce heat, and simmer for 15–20 minutes until water is absorbed. Let cool. 2. Lay a piece of nori on a flat surface. Spread half of the sushi rice evenly over the nori, leaving a 1/2-inch border on one end. 3. Place half the cucumber strips along the other end of the nori. 4. Using your fingers, moisten the 1/2-inch border of the nori with water. 5. Gently roll up the nori, starting from the end with the cucumbers. Then press to seal. Repeat with a second sheet of nori and remaining cucumber. 6. Slice with a serrated knife into 1-inch sections and serve. Directions
Backpack Bees
Mustard Olympics Peach Sandcastle
School Twins
Melon Moon
Vacation Zucchini
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Norton Accounting Services, LLC
THE REAL ESTATE TAX PRO ™
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
NortonAccountingServices.com 985-690-4498 Info@NortonAccountingServices.com
1527 Gause Blvd. Ste. 132 Slidell, LA 70458
INSIDE 1
Should You Buy a Vehicle in Your Business Name? Start Strong This Upcoming School Year Simple Tricks for Cooling Off Your Beauty Routine Meet Moose, the Great Pyrenees With a Hero’s Heart Tasty Cucumber Sushi Rolls Eyeing Up Potatoes’ Vital Role in Health
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Why Potatoes Deserve a Place on Your Plate Are potatoes good for your health? Misconceptions abound about the humble spud, one of the most widely eaten foods in the world (third most popular, behind rice and wheat). So, why is this mighty tuber such a controversial topic — especially when the United Nations Food and Agriculture Organization declared 2008 the International Year of the Potato? SPUD STATS!
Full of Gut-Friendly Fiber Starches, often found in grains or potatoes, are long chains of glucose, and different types react in various ways in your body. Resistant starch, which potatoes contain, functions as a soluble fiber, which provides a range of benefits, including improved gut and insulin health, decreased blood sugar levels, and a whole host of other advantages that aid digestion. In other words, potatoes help keep you regular.
It’s time to praise the tater and recognize it as a budget-friendly and versatile nutrition powerhouse! Still unconvinced? Let’s look at some spud stats that might make you reconsider turning down those fries at second breakfast. Packed With Vitamin C Did you know that one medium-sized baked potato has about 17 milligrams of vitamin C, roughly 35% of the recommended intake for a healthy adult? Between the 16th and 19th centuries, also known as the Age of Sail, potatoes were a vital ration for travelers at sea because vitamin C is essential for preventing scurvy. More Potassium Than a Banana A single medium-size russet potato has a whopping 610 milligrams of potassium, approximately 40% more than a banana. That’s great for nutrition, as this mineral is vital for many bodily functions. Not getting enough can cause problems for your nervous system, muscles, and heart.
Potatoes are more than a staple food and deserve more nutritional credit. With their high vitamin C, potassium, and fiber content, these
budget-friendly and versatile sources of essential nutrition belong in any balanced diet. Just remember not to go overboard on the butter or cheese, and you can enjoy your spuds knowing you’re fueling your body well.
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