Accounting Tips for Entrepreneurs

Accounting Tips for Entrepreneurs

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By Jeffrey Skolnick
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.
Episode 15: Amended returns - Are they a good idea?
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.
09:36
May 20, 2019
Episode 14: Independent contractors vs. Employee, understand this or potentially pay big time!
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.
20:23
May 13, 2019
Episode 13: Defer taxes on real estate sales
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.
12:05
May 5, 2019
Episode 12: Deducting losses on real estate rentals
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.
11:28
April 28, 2019
Episode 11: Tax planning for next year
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.
09:41
April 21, 2019
Episode 10: Saving money by employing your minor children
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.
09:59
April 7, 2019
Episode 9: Excluding the gain on sale of your personal residence
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.
14:00
March 31, 2019
Episode 8: What if I can’t file or pay my taxes by April 15th?
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.
08:45
March 24, 2019
Episode 7: Divorce Implications - Alimony, child support and filing status options.
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.
11:41
March 17, 2019
Episode 6: What if my S corporation election is filed late?
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.
07:40
March 10, 2019
Episode 5: 2018 Tax Law Changes for Businesses
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.
12:45
March 3, 2019
Episode 4: Individual provisions of the new tax law and their impact.
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.
07:09
February 25, 2019
Episode 3: Utilize the 20% deduction for Pass-Thru Entities to save big money
The Tax Cuts and Jobs Act has many provisions that when used properly can save small businesses money. None, in my opinion, is better than the 20% deduction for Pass-Thru Entities.
08:49
February 18, 2019
Episode 2: Self-Employment Tax
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.
08:50
February 10, 2019
Episode 1: Save Thousands by Choosing the Correct Retirement Plan
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.
12:17
February 3, 2019
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