Author Archives: Jim Edwards

After 20 years in the U.S. Navy, Jim Edwards has been a tax practitioner since 1974, having personally prepared more than 10,000 income tax returns. His focus has always been on small business owners, helping them to understand the income tax system and perpetuating free enterprise.

When your income goes up…your taxes don’t necessarily need to follow suite

Jim Edwards Expand Your Thinking

I was involved in a pretty toxic IRS audit of the tax return of one of my clients (a plumber who was operating his business as a Sole Proprietorship) a while back. The auditor seemed pretty intent on not allowing his business deductions as business expenses because, although his income had been steadily going up, his ...

Just because your Income Increases Doesn't Mean your Taxes Should Too

Jim Edwards Expand Your Thinking

I was involved in a rather toxic IRS audit of one of my client’s tax return (a plumber who was operating his business as a sole proprietorship). The auditor was intent on not allowing my client’s business deductions because, although his income had been steadily increasing, his expenses had increased also. This had happened largely ...