Failing to file or pay your taxes on time can result in costly penalties and interest from the IRS—costs that can quickly snowball if left unaddressed. Whether you’re a business owner or […]
Each tax season, one question always comes up from business owners: “Do I need to file a 1099 for this vendor?” Even seasoned entrepreneurs find the rules confusing. If you’ve ever been […]
Think your out-of-pocket health expenses are fully tax-deductible? Not so fast! Myth: Every dollar I spend on health insurance reduces my taxes.Reality: You only get a deduction if you itemize and your […]
Hey, taxpayers! Big news from the IRS! If you missed claiming the Recovery Rebate Credit on your 2021 tax return, you could be getting money sent your way; automatically! Here’s what you […]
If you’re juggling multiple side gigs—whether it’s freelancing, rideshare driving, or selling products online—accurately reporting your self-employed income is essential. Let’s break it down step by step so you’re prepared come tax […]
With rising uncertainty in the U.S. economy, now is the time to revisit a topic many business owners haven’t thought about in a while—recession readiness. During boom periods, especially with stimulus funds […]
When it comes to taxes, there’s nothing worse than being caught off guard by a penalty. One of the most common—and costly—issues taxpayers face is underestimated estimated tax penalties. In 2023, these […]
California business owners, you’re going to want to pay attention to this important update. Starting January 1, 2025 businesses one or more employees “must participate in CalSavers if they do not already […]
As the end of 2024 approaches, it’s time for you to think about strategic tax planning. Don’t wait until tax season to optimize your deductions; many valuable moves need to be completed […]
When you’re part of a partnership or LLC, how your debt is classified—recourse or nonrecourse—can affect your taxes in big ways. This guide will break it down so you can understand what […]
For U.S. citizens living abroad or earning income from foreign sources, you still have to meet your tax obligations back home. The U.S. tax system taxes worldwide income, which means income earned […]
Today, we’re diving into a topic that I hear a lot from business owners, and it’s one of the biggest misconceptions out there—thinking that every dollar you spend in your business is […]
