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  • 6 Simple Steps to Take the Home Office Deduction

    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…

  • 3 Reasons Why You Shouldn’t File Your Tax Return Late

    Did you already miss the tax filing deadline? The time to get going is now. Here are three reasons why you shouldn’t file your tax return late. No joking around here. You need to get on this now. Don’t wait. Don’t delay. Don’t procrastinate. The time to file your return is NOW! Why? Because three…

  • 8 Tax Breaks for US Taxpayers for 2020 & 2021

    If you follow the news at all, you know a new law was passed on December 27, 2020. While most public attention focused on stimulus checks and new PPP loans, there were other nice benefits in it. The bill contained 8 tax breaks for US taxpayers especially for those who aren’t business owners. While none…

  • 5 Determining Factors on When to Make Estimated Tax Payments

    Are you self-employed or had an asset sale, or rental property? Way to go! Cha-ching! However, it’s important to know if you owe estimated tax payments. Do you fit any of the following? -You carry on a trade or business as a sole proprietor (single-member LLC included) OR receive income as an independent contractor (and receive…

  • 7 Helpful Last-Minute Business Tax Deductions

    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…

  • What You Need to Know About Paying Taxes on Unemployment Benefits

    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…

  • 5 Tax Deductions That Could Get You in Trouble

    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…

  • 2 Provisions That Allow for $100,000 Tax-Free IRA Borrowing

    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…

  • Amazing Way to Use Health Insurance as a Tax Deduction

    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…