I hear lots of business owners talk about issuing 1099s or even receiving a 1099. It’s all about the 1099. Yet, many misunderstand the rules around them and what 1099 is actually for. Let’s work at understanding the 1099. Understanding the 1099 The first thing to understanding the 1099 is that it’s used to report …
5 Straightforward Tips to Understanding the 1099 Read More »
Can you believe the end of the year is just around the corner? Now is the time to plan for 2020 taxes! Let’s go over 7 helpful last-minute business tax deductions to help you reduce your 2020 taxes. 7 last-minute business tax deductions 1. Prepay Expenses Using the IRS Safe Harbor Thank the IRS for …
Are you one of the many millions of Americans who filed for unemployment in 2020? Have no fear since you’re not alone. However, it’s important to understand paying taxes on unemployment benefits. While it’s been great for so many to receive the extra benefits from unemployment, it’s also really important to understand that it isn’t …
What You Need to Know About Paying Taxes on Unemployment Benefits Read More »
Whether you’re budgeting for a new business or you’ve been operating for a while, performing regular expense checkups can help keep expenses down and profits up. Let’s talk about doing a small business expense checkup! I totally understand that your expenses will vary according to your industry. However, some operational expenses are common for RV …
5 Simple Items to Consider for Your Small Business Expense Checkup Read More »
You’ve filed your tax return for the year. You feel good about it. However, I’m here to warn you about 5 tax deductions that could get you in trouble. It’s super common for taxpayers especially self-employed individuals to make write-off mistakes. It’s simply because you never learned the dos and don’ts of write-offs. You might …
The $2 trillion COVID19 economic recovery bill titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) offers, among many things, some meaningful tax relief. Let’s go over two tax relief measures in the CARES Act that can potentially benefit IRA retirement account owners. The biggest one being tax-free IRA borrowing. Do you have …
2 Provisions That Allow for $100,000 Tax-Free IRA Borrowing Read More »
Has your financial advisor ever lectured you about the wonderfulness of a Roth IRA? Maybe they advised you to convert traditional IRAs into Roth accounts. Sound familiar? Well, now’s the time to do a Roth IRA conversion. In hindsight, maybe that was a good thing you never got around to a Roth IRA conversion. Why? …
Top 3 Reasons Why Now is the Time to do a Roth IRA Conversion Read More »
Health insurance is no fun topic. There’s lots of debate around the necessity of paying high premiums. However, if you’re self-employed (i.e. you work as a contractor or freelancer), then pay attention. It’s important to know how to take health insurance as a tax deduction. If you’re self-employed, work as a contractor or freelancer, then …
Amazing Way to Use Health Insurance as a Tax Deduction Read More »
Congrats! You’ve applied and received PPP (Paycheck Protection Program) funds. Now what? Let’s learn about PPP loan forgiveness and how to account for the funds on the books. First, the basics of the PPP funds as a recap. PPP Loan basics review The maximum PPP loan amount is 2.5 times your average monthly payroll expenses, …
PPP Loan Forgiveness and Recording PPP loan funds Read More »
If you missed out on the original funding for the PPP loan, then have no fear. More funding has been approved! Are you ready? Let’s help you understand how to apply for a PPP loan if you’re self-employed. If you are self-employed, with no employees, you absolutely need to qualify for this loan and its …
How to Apply for a PPP loan if You’re Self-employed Read More »