TAX TIPS ON THE ROAD

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…

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…

Filing income taxes can feel overwhelming, but proactive year-end tax planning can ease the process and lead to better financial outcomes. As the year winds down, it’s the perfect time to focus on year-end tax planning strategies to prepare for tax season effectively. Year-End Tax Planning Strategies Delaying year-end tax planning could result in missed…

Do you own an RV? Are you a full-timer? Part-timer? Do you use it for business purposes? Do you travel for vacation with your family? Let’s review the top 9 RV tax benefits and deductions so you can get the most out of your taxes. Primary RV Tax Benefits and Deduction for RV Owners RV…

Do you own a business and live in an RV? You may be tempted to claim a home office deduction on your taxes for a portion of your RV. But this can be a risky move. Let’s break down why it might not be a good idea to take the home office deduction for your…