Businesses will now file Form 1099-NEC for each person in the course of the payor’s business to whom they paid at least $600 during the year. This payment would have been for services performed by a person or company who IS NOT the payor’s employee.
The Auto Deduction is the best it’s been in over 30 years, with business owners being about to write-off a vehicle faster and with even bigger deductions!
This has to be one of the most under utilized tax strategies by small business owners with families today. Many don’t realize that paying their children under age 18 is an excellent strategy to minimize their tax liability, not to mention it creates a host of other ancillary benefits.
When it comes to these ever increasing expenses and strategies to make us more successful in our business, we should be looking for ways to deduct them.
It’s scary for many of us to think where our address is posted publicly and how easy it would be for someone to find it.
Many business owners don’t realize that they still may need to file a tax return even if the business didn’t make any money this past year. Filing is an Extension for your business doesn’t cost anything and it’s an easy way to avoid any penalties and give you additional time to file a more accurate
You may think your new business and idea needs 100% of your attention and time…however, what your business really needs more than your time is YOUR financial stability.
All too often I meet with clients that have grand ideas for investing or other business projects for cash flow, but they don’t have a thorough and sensible plan to get there. I have learned time and time again, that a 10-Year Plan is critical to set the path for the business and then build
There are three (3) common IRS penalties that hit individual taxpayers the most. They can easily be avoided with a little planning. Listen…paying taxes is difficult enough, don’t add insult to injury by having to pay penalties and interest on top of income taxes. The IRS penalties ALONG WITH interest can add up quickly. It
Is crypto a security? The simple answer is, it depends. Below we will be reviewing the question: when is crypto a security? Important for all “Crypto Investors” Whether you are a seasoned crypto pro or new to the exciting world of crypto trading, it is important to understand these concepts. What has the SEC said?
Health insurance is expensive, and making sure it’s a write-off in your business is a big deal. Regrettably, it’s not as easy as just putting it on your P&L and treating it like office supplies. Health insurance premiums can be deductible. However, they must be reported in a specific way based on your type of
You can actually invest in real estate, promissory notes, precious metals, cryptocurrency, small businesses, and concert tickets, or raw land. Your broker may tell you that you can’t do this and it’s prohibited. They’re blatantly wrong.
I’m not proposing setting up any sort of business to simply lose money for tax write-offs, but to build a business that allows you to make more money, and save taxes by writing things off you wouldn’t otherwise be able to.
Every week our firm gets call from clients around the country who have lost money by investing with friends, family or neighbors they trusted—but who were not licensed to sell securities or did not properly document the relationship as a partnership.
The Rule of Thumb should be to file an Extension. Send in the appropriate deposit, dig up better records, and then file before October 15th
