Simple, plain language tax tips for small business owners, entrepreneurs and individuals. Transform your tax return from something scary to something easily understood. Pick up business organization and bookkeeping tips as well.
One question that I run into quite often is I made a mistake on my tax return and I know I am entitled to more deductions but is amending my return going to raise a red flag? This podcast covers this question as well as some other information that taxpayers considering amending a return should know.
There are a variety of reasons why employers would like to classify workers as independent contractors; no payroll taxes, no benefits such as health insurance, no pension or profit sharing requirements and no minimum wage and hour laws. The IRS would like workers classified as employees to make collection of Social Security ad Medicare taxes easier. Learn how to determine whether workers are independent contractors or employees.
Like-Kind exchanges or 1031 transactions allow taxpayers to dispose of property and defer the gain of the property if certain very stringent rules are followed closely. This podcast discusses these rules.
Since the Tax Cuts and Jobs Act passed when discussing real estate I and most others have concentrated on the new 20% deduction available against rental income. This podcast explains what happens when taxpayers incur a loss and how much is allowed as a deduction on your return.
Now that we are through tax season I would like individuals to take control of their tax situation by estimating next year’s liability and assuring that they are covered through either the use of withholding or estimated income tax payments so there are no surprises next April.
If you own a sole proprietorship, single member LLC or are a partner/member of a multiple member LLC or partnership where all partners and/or members are parents of minor children you may be able to save significant tax dollars.
One of the more common situations I run into is taxpayers selling their principal residences and trying to determine whether they are eligible for the $250,000 ($500,000 in the case of certain married taxpayers) exclusion from the gain on sale. This episode addressed the requirements for exclusion including some of the nuances pertaining to married couples.
This podcast explains options for individuals that either cannot file their returns or pay their balance in full by the April 15th deadline. Topics covered include extensions and payments options available.
With the divorce rate being approximately fifty percent many individuals have to deal with tax implications upon divorce. This episode examines the treatment of alimony, child support payments sand filing status options updated for the the Tac cuts and jobs act.
There may be a time when a business owner would like to elect to change their business entity for it’s current tax structure to that of an S corporation. In this episode I discuss how to do this timely and what to do if you cannot file timely.
This episode addresses the provisions of the new tax law that most commonly affect businesses. I cover the reduced corporate tax rate, changes in depreciation, the new 20% deduction on qualifying ed business income and more.
This episode addresses the provisions of the new tax law that most commonly affect individual taxpayers. I cover the unintended consequence of relying on tax tables for withholding as well as personal exemptions, the child tax credit, the state and local income tax deduction and miscellaneous itemized deductions.
By far the biggest surprise that small business owners and entrepreneurs run into when they first make money is Self-Employment Tax. While most people understand they must pay Federal and State taxes on their self/employed income few realize, until it happens to them the first time, that self-employment tax will cost them approximately 14% of their earnings.
Small business owners, entrepreneurs and Network Marketers have the ability to save thousands of dollars by using the appropriate retirement plan for their needs. This episode compares and contrasts some of the more commonly used retirement vehicles.
February 3, 2019
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