Selling a property that has increased in value can feel like a big financial win, until you start calculating the taxes. If you own a rental home or other investment real estate and plan to buy another investment property, a 1031 exchange may help you keep more of that money invested. A 1031 exchange allows […]
So, you just won a significant amount of money from the lottery or at a casino. First of all, congratulations! That’s a pretty great problem to have. Before you start buying cars, paying off the house, booking vacations, or handing checks to family members, though, there’s one thing we strongly recommend doing first: figure out […]
If you’re planning to retire in 2027, you’re probably thinking about when your last day of work will be, what you want to do with your extra time, and whether you’ve saved enough to comfortably make the transition. One thing that’s easy to put off is figuring out what your taxes are going to look […]
We hear some pretty wild questions about tax write-offs. Can I write off my swimming pool? What about my dog? Can I take a trip to Florida and call it a business expense? What about that expensive suit I bought specifically for meeting clients? Believe it or not, sometimes the answer is yes. There are […]
Getting a letter from the IRS can make your stomach drop a little. Most people see that envelope and immediately think they’re in trouble or assume they’re being audited. That’s usually not the case. The IRS sends notices for all kinds of reasons. Sometimes there’s a difference between the income reported on your tax return […]
September 15 is coming up quickly, and for many business owners it is an important tax deadline that can be easy to forget about once the spring tax season is behind us. If you own an S corporation or are part of a partnership and filed an extension earlier this year, September 15 is generally […]
If you own a business, there’s a good chance you’ve hired someone as an independent contractor at some point. It’s common, it’s convenient, and for the right situation it makes perfect sense. But one mistake we see business owners make is assuming that simply paying someone as a contractor automatically makes them one. Unfortunately, that’s […]
Filing your taxes can feel like a big relief, especially once you finally hit submit and know they are done for the year. But what happens if a few days or even a few weeks later you realize you made a mistake? Maybe you forgot about a 1099, entered the wrong amount somewhere, missed a […]
One tax strategy I find many small business owners are surprised to learn about is hiring their children to work in the family business. And yes, this can be completely legitimate. If your child is doing real work for your business and you pay them a reasonable wage for that work, their wages can generally […]
One of the biggest misconceptions I hear from small business owners is that if an expense helps their business, it’s automatically deductible. Unfortunately, tax law isn’t always that simple. There are plenty of legitimate deductions available, but knowing which ones apply to your business—and keeping the proper documentation—is what makes the difference. Here are three […]