David Peters, in addition to being SCACPA’s advisor on B&I topics, is an acclaimed and in-demand educator about the financial industry. As a featured speaker for SCACPA, an adjunct faculty member at Winthrop University, and an instructor for many required certification courses for CPAs, he speaks to financial professionals all over the country, trying to make sure they have access to the best information to create successful and responsible financial businesses.
In his ongoing “Demystifying Finance” series, David has created brief videos that break down financial concepts in a way that is accessible and useful. Look to the SCACPA blog for his discussions on future topics.
Today’s topic: Basic Taxation
What Are Estimated Taxes?
The U.S. tax system is “pay as you go.” You need to make estimated tax payments to the IRS throughout the year or else owe a penalty on top of your tax burden. If you are an independent contractor, self-employed, or otherwise responsible for making your own estimated tax payments, this video lays out the basics of estimated taxes – how much to pay and when.
Can I Deduct Mileage on My Tax Return?
If you are self-employed and use your personal vehicle to go about day-to-day operations, you may find yourself wondering if you can take a tax deduction for all those miles on your odometer. The answer is more complicated than you might think! Dave outlines the difference between “business” mileage and “commuting” mileage, talks about where someone who can take this deduction would do so, and for how much.
Can I Take a Home Office Deduction?
Dave outlines the basic requirements for home office deductions and defines some terminology you might encounter if you discuss this with a financial professional. It includes how the 2017 tax law affects home office deductions and how the “Actual Expense” method of calculating a home office deduction differs from the “Standard Rate” method.
Visit and “Like” the new David Peters Financial Facebook page at www.facebook.com/davidpetersfinancial. You can reach David at firstname.lastname@example.org with your questions and comments.