Congress passed the One Big Beautiful Bill Act (OBBBA) this summer, and it’s living up to its name with sweeping changes to the individual tax code. If you’re wondering how it affects your personal taxes, including deductions and credits, you’re not alone. Here’s a breakdown of the most important changes that are easy for all…
Donating to Goodwill, the Salvation Army, or your favorite charity can be a great way to give back and reduce your tax bill. However, you could be denied if you don’t follow IRS rules to take a charitable contribution deduction. Are you getting ready to hit the road to be a digital nomad or RVer?…
While the idea of living tax-free while traveling the world or roaming the U.S. in an RV might be tempting, it’s time to learn the tax truth for digital nomads and RVers. I get it. Who wouldn’t want to escape a 9-to-5 and a big state tax bill? But the reality is more complicated for…
As an individual taxpayer, you can face a significant interest penalty if you fail to pay enough federal income tax in advance—including any self-employment tax and alternative minimum tax (AMT)—via withholding and/or timely estimated tax payments. Don’t forget this important step throughout the year to avoid extra underpayment penalties. No more excuses for missing estimated…
Thinking About Selling or Shutting Down Your S Corporation? Here’s what to know about taxes If you’re getting ready to sell or close your S Corp, you’re probably wondering what it’s going to mean for your taxes. The short answer: it depends on how you structure the exit. Let’s walk through two common scenarios and…
Being an expat or digital nomad brings a wealth of new experiences, opportunities, and challenges. From immersing yourself in a new culture to exploring unique destinations, the adventure can be thrilling. However, one crucial aspect that many digital nomads and expats face is understanding the tax implications. Double Taxation for Expats and Digital Nomads First…
As we enter the new year, tax season is upon us. This means many small business owners like yourself may be feeling the pressure to ensure the books are organized for taxes. You might even start to feel the overwhelm and you’ve already decided filing an extension is the right move for you. But is…
Every dollar counts when running a business, especially as a remote business owner and digital nomad. But not all expenses are created equal. Some are tax-deductible, meaning you can subtract them from your taxable income and reduce your overall tax bill. To understand the financial health of your business you need to understand business expense…
Every year, as tax season rolls around, millions of people turn to do-it-yourself (DIY) tax software in hopes of saving money and time. It’s time to avoid costly mistakes and hire a tax professional. It’s easy to see the appeal: the software is generally user-friendly, affordable, and allows you to file from the comfort of…
The BIG List of Tax Deductions for Small Businesses These are the questions I get asked most often as a tax professional: “What are some deductions that people miss?” “What deductions can I take for my business?” “Can I take all my mileage since I travel for business?” And it’s understandable. The federal tax code…