Tax Sherpa Stories

In today's episode of Tax Sherpa Stories, we delve into the recent resumption of student loan payments and the changes surrounding it. Discover the power of Section 127 of the Internal Revenue Code and how employers can leverage it to offer significant benefits to their employees. If you're an employee, learn how you can approach your employer with this strategy. Stay tuned for more tax insights and don't forget to subscribe for regular updates!

In this episode of Tax Sherpa Stories, we address a common misconception in the tax world: "I missed my window, and now it's too late to file." Drawing from personal experiences and professional insights, we discuss the importance of compliance, the consequences of missing deadlines, and the steps you can take to rectify past mistakes. Whether you've missed a year or a decade, there's always a way forward. Visit our website at taxsherpa.com for personalized assistance.

"Reimbursements or Revenue? The 1099-K Challenge for Small Businesses" 📈💼

Dive into the new 1099-K reporting rules and discover how they might affect your tax reporting as a solopreneur or small business. Join us in this episode of Tax Sherpa Stories as we unravel the complexities of these changes and guide you through the potential pitfalls.

Watch now and stay informed! ➡️

Join Neal, founder of Tax Sherpa, and Serena, our ops manager, as they discuss the latest IRS updates and what it means for solopreneurs and small businesses. Learn about the IRS's hiring blitz and how to best position your business to avoid undue scrutiny. Stay ahead of the curve with Tax Sherpa! Links mentioned in the video:

- IRS press release: https://www.irs.gov/newsroom/irs-announces-sweeping-effort

- IRS publication 1415: https://www.irs.gov/pub/irs-pdf/p1415.pdf

- IRS Linkedin: https://www.linkedin.com/company/irs/

Welcome to another episode of Tax Sherpa Stories. Today, we delve deep into the world of K-1s, a tax form that many solopreneurs and small business owners come across but may not fully understand.

Key points covered: 🔸 What are K-1s and why are they crucial for business owners? 🔸 The connection between basis, K-1 losses, and how they impact your personal tax return. 🔸 How the right strategies can help you maximize potential tax losses and save money.

If you've ever wondered about how your business structure or investments might be affecting your tax situation, this episode offers vital insights. From S Corporations and partnerships to passive vs. active income and the challenges of basis, this episode is packed with information to help you navigate the tricky terrain of K-1s.

Stay tuned to the end for a sneak peek into our next episode's topic about Schedule C filing and its implications for your business.

🔗 Got Questions? Talk to us: https://taxsherpa.com/discovery 📌 Don't forget to subscribe for more tax insights and strategies tailored for the modern business owner!

Received a K-1 form and unsure about the next steps? In this episode of Tax Sherpa Stories, we dive into the nitty-gritty of what to look out for when you receive that all-important K-1. From understanding the numbers to recognizing the opportunities for revisions, we cover it all. Did you know strategies like cost segregation can significantly impact your tax return? Discover how one client experienced a massive swing in their reported loss, and learn the importance of front-loaded depreciation. With many other potential tax strategies tailored to specific businesses and situations, it's crucial to stay informed and make the most of every opportunity. Don't just stop at glancing over your K-1. Take a closer look, understand the distributions, and always consult with a tax professional to ensure you're making informed decisions. Want more tax insights and tips? Subscribe to Tax Sherpa Stories and stay updated!

This episode is Tax Sherpa Stories about people who have been hit with audits because of their tax preparers, and how you can avoid the same fate.   

Don't be like Alice & Bob that caught a $10,000 fine!  

#taxsherpa #taxes #stories

Check the full post with links and images at https://leofinance.io/taxsherpa/@nealmcspadden/tax-sherpa-stories-episode-2-are-401ks-a-scam

Episode 2 was a great one. We talked about some 401k stories, a bit about the history of the different retirement plans over the past 100 years, and how the 401k has actually worked out (or not) for people since the ERISA act in the 1970s.

#taxes #retirement #stories

For full post with images go to: https://leofinance.io/@nealmcspadden/tax-sherpa-stories-episode-1-the-time-i-owed-usd1-000-000-to-the-irs 

Welcome to the first episode of Tax Sherpa Stories, where I share with you stories from the front lines of the tax world, current events that affect tax, finance, and markets, and a whole lot more.  

On this episode I share my personal story with taxes and how I owed the IRS over $1,000,000 and then went on to pay none of it. Despite the stress that all caused, it led me to where I am today.  

In the live Q&A portion, we went over some of Biden's proposed tax policy changes and how that might affect things. Nothing is set in stone and he's not even in office until tomorrow, but these are things we all need to stay aware of.  

#taxsherpastories #taxes #irs #smallbusiness