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 […]
Let’s start with the good news most people will never be audited by the IRS. That said, there are a few things that can make your tax return stand out, and they’re usually much easier to avoid than people think. One of the biggest mistakes I see is people forgetting to report all of their […]
One thing I hear all the time is, “I’ll worry about taxes when tax season gets here.” I understand why people think that way. Once April is behind us, most business owners are focused on running their business, serving customers, and trying to grow. Taxes are usually the last thing on anyone’s mind. Ironically, that’s […]
If you’re thinking about selling an investment property, one of the first questions you should ask isn’t how much you’ll make—it’s how much you’ll owe in taxes. Many real estate investors are surprised by the capital gains taxes that can come with the sale of a property. The good news is that, in some situations, […]
When most people think about taxes, they think about January, February, and April. By the time summer rolls around, taxes are usually the last thing on anyone’s mind. Business owners are focused on serving customers, managing employees, and keeping everything running smoothly. I completely understand that, but after more than 20 years of working with […]
When I first started preparing tax returns back in 1999, the biggest questions I received were about stocks and mutual funds. Today, more and more of those conversations revolve around cryptocurrency. While digital assets have become much more common, the tax rules often catch people by surprise because they don’t always work the way investors […]