What Trump Means for Your Taxes
President Trump won the election with impunity. Not only did he win the electoral college and popular vote, but he also has a clear majority in the Senate, and, at the time of this writing, it looks like the Republicans are going to control the House too. That means for the next 2 years he […]
What is an Accountable Plan?
What is an Accountable Plan? Simply put, an accountable plan is a reimbursement plan. It’s a written policy that allows a company to reimburse its employees for costs that the employees have and not allow them to get taxed for their reimbursements from their employer. Accountable plans are beneficial to employees because they don’t have […]
How to Calculate the Home Office Deduction
Whether you own a small business, started a side-gig as an independent contractor, or your company now allows you to work from your home, you are always looking for ways to save money on your taxes. After COVID-19 a lot more people are working remotely from home. One of the most popular tax write-offs is […]
1099s – What You Need to Know
1099s, What You Need to Know Most people know what 1099s are but aren’t sure if they need to issue any (or mistakenly think that people they pay, don’t need them.) If you paid somebody (or a company) over $600 for a service, I’ve got news for you, you probably need to issue them a […]
Tax Planning for Businesses
Now is the time of year for business tax planning. If you own a small business, year-end tax planning is important. In our previous article we wrote about year end tax planning for individuals. Now we’re going to help small businesses learn and save. What is Tax Planning? As mentioned in our previous article, it’s […]
Meals and Entertainment Deduction 2023
Meals and Entertainment Deduction Over the last few years, the rules and regulations around the meals and entertainment deductions have changed multiple times. Due to COVID, lawmakers want to help restaurants, so they increased the meals deduction for 2021 & 2022. However, now that COVID is over, they’ve gone back to pre-COVID amounts. We are […]
Corporate Transparency Act
Most of you have never heard of the Corporate Transparency Act. That’s because it doesn’t go into effect until next year (2024). It’s a new law so the government can know more about you and your businesses. In other words, big brother is getting bigger. The government is requiring you to disclose more information about […]
Should You Buy or Lease a Car?
You’re getting ready to get a new car, but you’re wondering if it’s better to buy or lease one–and which will save me the most, tax-wise. I get this question every year and I’m here to tell you what the car dealers don’t want you to know, and which is better for your pocketbook. How […]
New 1099 Threshold 2022
Update on new 1099-K rules from the IRS: The IRS has officially postponed the $600 filing requirement of 1099-Ks for platforms like Venmo and CashApp by one year. New 1099 Rules In case you’re not aware, there are new 1099 rules that started in 2022. If you receive over $600 of income from payment processors […]
S-Corp vs 1099
You’re a freelancer or solopreneur with a growing business. You are making money on the side (yes, legally, what kinds of clients do you think I have!), hoping you’ll soon be able to quit your “official” job. Of course, you’re an independent contractor, which means you get a 1099. But is that what’s best for […]