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.
Tennessee Rentals and the FONCE Exemption
The FONCE (Family-owned non-corporate entity) Exemption is most common for rental property owners in Tennessee to save on taxes.
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 […]
Using a Gun Trust in Your Estate Plan
They’re typically formed to work in unison with your Will or Revocable Living Trust and not to replace your Estate Plan.
Estate Planning for Your Pets
The Trust creates a structure so that the money is bestowed to the Guardian of your pet in a proper manner with rules and guidelines
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.
