There’s a lot of buzz around the new changes to the 1099-K Form and now you’re trying to figure out if and how they affect you. Or maybe you’ve only recently heard about Form 1099-K for the first time. Regardless of how much you know (or don’t know) about Form 1099-K, here are 5 important things you…
While you may think all Roth IRA withdrawals are tax-free. Think again! Let’s review what you need to know about Roth IRA withdrawals for federal income tax purposes. Roth IRA Accounts Let’s first go over what a Roth IRA account is. A Roth IRA is an individual retirement account that is generally not taxed upon…
Everyone seems to want to start an LLC but what makes Limited Liability Companies (LLCs) so special? Let’s break it down so you can understand the importance of LLCs. What’s special about LLCs? LLC owners are called members. Single-member LLCs have one owner. Multi-member LLCs have two or more members and by default are a…
Just like in life, running a small business comes with its own challenges — especially in the area of finance. Here are 6 tips to overcome small business financial beliefs. Small Business Financial Beliefs 1. I don’t know what I’m doing. Let me ask you this. Did you know exactly what you were doing when…
Are you a small business owner who never looks at your books? Uh oh! Have no fear. I’m here to explain why reconciling your books is the most important bookkeeping task that you can do for your business. Does this sound like you? You look at your books and the balance showing does not match…
There’s usually a to-do list when starting a business. This is to help set yourself up for financial success with this new venture. At the top of that list should be to separate business and personal finances. Remember this business is separate from you and your personal finances. Yes. They are tangled because hopefully the …
Chances are if you are reading this, then you are self-employed or interested in becoming a small business owner. Congrats! However, if this is you, it’s important to consider self-employment taxes. Self-employed means you fit any of the following: Self-Employment Tax What is it? Self-employment tax is made up of Social Security (12.4%) and Medicare tax…
Can I take the home office deduction as a digital nomad or RV Entrepreneur? I get this question all the time. If you live in an RV full-time, then my initial response is no. Let’s understand why I say this. Once you understand my reasoning you can decide if you qualify for this deduction or…
Many RVers and those who work camp, in particular, work in multiple states during the year. How do you file taxes when working in multiple states? The biggest factors to consider when you travel and work are the following: Domicile Physically working in a state Length of time spent in each state I get this…
Last month I talked all about creating weekly tasks to keep up with your books. We helped create a routine making it easier at month’s end. Now that the month has ended, it’s time to make sure your business books are all clean. Let’s review your monthly business bookkeeping tasks. You got this! Monthly Business…