1099 Requirements for Business Owners in 2025
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.
Moving to a Different State to Save on Income Tax
If you’re considering making a move to save on state taxes, create a master spreadsheet with all of the possible taxes, cost of the move, savings in the cost of living, etc., and carefully determine if it makes sense on paper. Then, if does, get to work taking the steps to actually move your residency or domicile. It doesn’t happen overnight.
The Magic of the Mega Backdoor Roth
A Mega Backdoor Roth is a strategy to put away as much Roth money as you legally can in a given year.
The Power of the Health Savings Account (“HSA”)
The Health Savings Account is one of the most powerful pieces of a well designed health care strategy. It includes saving money, saving taxes, building a tax-free ‘bucket’ for health care and most importantly taking control of your own health care strategy.
529 vs ESA: The Best for College Savings
The little-known fact that can transform your Coverdell ESA into a powerhouse for college savings is that you can self-direct the investments. The Coverdell Education Savings Account (ESA) is the best tool to save and build wealth for college expenses tax-free. In fact, it offers greater benefits than the popular 529 plan. So why don’t […]
5 Hot Tax Deductions for Your Business before Filing in 2022
I truly believe that far too many business owners, CPAs and Tax Preparers are overly conservative and miss out on important expenses that we are entitled to.
How to write-off the cost of a Cruise?
Many taxpayers may think a Cruise ship is a great place to have their next “annual company meeting” or attend a conference. They may also think they can take a tax write-off for some education. Don’t get your hopes up. Have you noticed there aren’t many conventions and courses offered on Cruise ships anymore? In […]
Does the Household Employee Tax Apply to Me and What to Do
You may have thought the only time you may need to worry about the so-called “Nanny Tax” ( also known as the household employee tax) is if you decide to run for public office and facing a pesky reporter at a political rally. However, it’s a concern everyone needs to take seriously. If you have […]
Writing Off Dining and Food Expenses in 2021 and 2022
Things have changed in 2018 when it comes to writing off meals and food expenses in your small business. Entrepreneurs, have to reevaluate their budget for the food and dining.
