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 »
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 »
With everything that is going on recently, I’m getting lots of questions about when, how and who will receive the stimulus check as part of the latest government actions. Specifically, I’m talking about the CARES Act passed by the US government just last week. So, here are your coronavirus stimulus questions answered. Coronavirus Stimulus Questions: …
No matter where you currently are parked, you’re likely being impacted by this crazy coronavirus pandemic. I’m also guessing that you are worried about how it will impact your business finances including taxes. Now’s the time to create a financial plan. I’m sure many of you are experiencing financial changes to your business already. It’s …
5 Steps to Create a Financial Plan for the Coronavirus Read More »
Who here doesn’t like seeing their tax liability? I think most of you just mumbled “me” to yourself. Am I right? Here are 7 ways to reduce self-employment taxes for small business owners. By now I’m pretty sure you understand you have self-employment tax obligations as a small business owner or RV entrepreneur. Understanding self-employment …
Tax time is upon us again. If that brings up frustrations or makes you shudder, have no fear. Follow these tips to make things a little easier for your tax return as a nomad. While taxes are not the most fun thing in life, it is an important one. It’s also a given if you …