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.
The Tax Cuts and Jobs Act eliminated the individual mandate requiring individuals to have health insurance or pay a penalty. Some states, however, have instituted their own penalties. In addition this episode also explains how the Premium Tax Credit works.
The Tax Cuts and Jobs Act contains a provision that allows taxpayers to defer significant amounts of capital gains by investing in opportunity some funds. These funds are designed to spur economic development and job creation in distressed communities.
The proper use of a Net Operating Loss can save taxpayers significant dollars. There are, however, a number of hurdles that were thrown in by the 2018 Tax Cuts and Jobs Act. This episode focuses on these new rules.
The purpose of a buy-sell agreement is to facilitate a change in ownership upon the occurrence of certain events. Whether these events are voluntary or involuntary the main objectives of a buy-sell agreement are to make sure remaining owners retain control and departing owners or their families are reasonably compensated for relinquishing their financial interest in the Company.
Most people that start their own business have a passion for their particular product or service, which is what leads to them opening their own business. Many have no idea how to get started and this episode is meant to give you a pathway to opening your business.
One of the most common questions I am asked is how long must I retain my business records which is normally code for I want to throw some things out and I want you to say it’s okay. This episode sheds some light on this question.
There is always a great deal of discussion on the distinction between short term and long term capital gains and losses. This episode explains how to determine short vs long term capital gain or loss and the tax implication of each.
There are a number of items available in the tax code to assist taxpayers paying for qualified education expenses. Learn about the tax credits and deductions available as well as a way to eliminate penalties on IRA withdrawals before age 59 1/2.
Taxpayers are often confused on which structure they should choose for their business; sole proprietorship, partnership, C corporation, S Corporation or LLC. This podcast unlocks the mystery and discusses the basics of each type.
Although it is very often the largest deduction on taxpayers returns there are a few rules that are not common knowledge and this lack of knowledge can hurt those expecting to be able deduct more than the law allows. This podcast outlines these rules.
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.