Why aren’t more small business owners paying their kids under 18? It’s a smart move to shrink your tax liability and gain so much more
Businesses need to file a form 1099-NEC for every person for whom they pay $600 or more over the course of the previous tax year. A 1099-NEC form is only necessary for people who are NOT employees, such as contractors.
The Auto Deduction is the best it’s been in over 30 years, with business owners able to write-off a vehicle faster and with even bigger deductions!
Everyone should have a hobby or some sort of talent/skill that extends beyond their typical 9-to-5, and if you’re good at it…you shouldn’t be doing it for FREE. If you have a side hustle, congratulations—you’re already on the path to financial freedom and building wealth! Driving Uber, selling on Etsy, freelancing online, or running a
Taxes are inevitable, but overpaying them? That’s optional. If you’re a business owner or entrepreneur, you need to know about depreciation and deductions—one of the best ways to legally reduce your tax bill. In this guide, we’ll break it down in simple terms, answer common questions, and show you how to maximize your financial benefits.
RV ownership is on the rise, with over 11 million U.S. households now owning an RV. In fact, 13% of U.S. households own a recreational vehicle, and 43 million Americans regularly go RVing. With numbers like that, it’s no surprise that many people are wondering: Can I write off my RV on my taxes? The
If you’re navigating the tax industry—either as a professional looking to expand your expertise or a taxpayer seeking the right assistance—you might be wondering whether to hire a tax preparer vs CPA. While both professionals help individuals and businesses with taxes, their qualifications, services, earning potential, and authority vary significantly. Below, we break down
Imagine earning thousands of dollars in rental income completely tax-free—no reporting, no IRS hassle, just pure profit. Sounds too good to be true? It’s not. The Augusta Rule (the Augusta tax rule) is a powerful tax-saving strategy that allows homeowners to rent out their home for up to 14 days per year—without paying a single
Trusts are essential tools in estate planning and wealth management, offering numerous benefits. However, understanding their taxation is crucial to maximizing these advantages. This guide delves into the taxation of trusts, covering various types, tax implications for beneficiaries, and strategies to minimize taxes. What Taxes Do Trusts Pay? Trusts are generally subject to two primary
A Health Savings Account (HSA) is more than just a way to save for medical expenses—it’s one of the most tax-advantaged accounts available in 2025. Whether you’re looking to reduce your taxable income or save for retirement, an HSA offers several benefits that can maximize your financial health. In this guide, we’ll cover FIVE key
“Yay…I WON THE LOTTERY! Now what?” Whether you’re here because you hit the motherload of jackpots or just want to know what would happen if your numbers came through, let us say…CONGRATULATIONS! Congrats on your winning and congrats for having the foresight to ask what your next steps are from a tax perspective. Winning the
Choosing the right business structure is a critical decision for entrepreneurs and business owners. Among the most common options are S Corporations (S Corps) and C Corporations (C Corps). Each structure comes with its unique set of tax advantages and disadvantages, which can significantly impact your bottom line. In this guide, we’ll break down the
Working from home is no longer a trend—it’s the new normal. Whether you’re running a full-time business, managing a side hustle, or freelancing, the S-Corp home office deduction can be a game-changer for your finances.
I believe in smart investing, not overcomplicating. Setting up an LLC for every rental property might seem like a great idea, but for the majority of investors, it’s just a costly and inefficient move—especially when equity is still building.
There are truly several tricks or strategies to maximizing your tax-writes and acquiring the correct health insurance policy.
