2025 IRS 1099 Filing Rules for Business Owners
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 […]
Tax Advice
Out-of-Pocket Health Insurance Tax Deduction Misconception
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 […]
IRS to Send Automatic Payments to Eligible Taxpayers Who Missed Recovery Rebate Credit
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 […]
How to report self employed income when you have multiple side gigs
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 […]
How To Set Your Business Up for Success During a Recession
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 […]
Avoiding IRS Underestimated Estimated Tax Penalties
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 […]
CalSavers Updates You Should Know About
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 […]
Year-end tax planning – things you need to do before the year ends so you can reduce your tax liability.
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 […]
Recourse vs. Nonrecourse Debt: What it Means for Your Taxes in a Partnership or LLC
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 […]
Foreign Income: When Is It Reportable on Your U.S. Tax Return, and How Is It Taxed?
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 […]
The Misconception That “A Dollar Spent is a Dollar Reduction on Your Taxes”
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 […]
Finance lessons I wish I learned in my 20s
In my 20s, I used to think budgeting was restrictive, but now I realize it’s the foundation of financial freedom. When you track where your money goes, you’re in control of your […]