Using retirement contributions and a health savings account (HSA) to help reduce your immediate tax liability is a real way for tax savings. I highly suggest maxing out any retirement contributions possible. I also recommend contributing to your HSA, if … Read More
You may have read or heard about the latest sales tax ruling which allows states to change laws forcing online businesses to collect and remit sales tax. Now you’re wondering how this will affect you. Let’s take a look at how … Read More
First things first, this new provision, Section 199A, as part of the Tax Cuts and Jobs Act allows for a 20% deduction for qualified business income deduction. There are exceptions and it can get complicated, but, to keep it simple, … Read More
What’s the best state to form a LLC? I get this question all the time. No. The answer is not Wyoming, Nevada or Delaware! Simply put, your domicile or home state is the best option. Don’t fall prey to the … Read More
Many businesses and individuals file for an extension on their taxes. While there are plenty of reasons to need an extension, it does NOT mean you get extra time to pay taxes owed. What does this mean? It means you … Read More
You own an RV and decide to rent it out for some extra cash. How do you deal with taxes? Let’s dive into understanding the section 179 deduction on your RV rental. First, it’s important to separate the different types … Read More
Sometimes a limited liability company or LLC has a year with no business income or activity. Maybe it’s a newly formed LLC, which hasn’t started doing business yet. Is it an older LLC that hasn’t been formally dissolved? Whatever the … Read More
With the freedom of being a small business owner comes the responsibility of navigating sales tax. If you’re confused over sales tax, you’re not alone! Collecting and paying sales tax is one of the more complicated aspects of running a … Read More
If you’re like many people, the word “taxes” gets your belly in knots! Even if you’re good with numbers and stay on top of things, it can be hard to understand all the different aspects to taxes. That’s not even … Read More
Thinking about starting a small business to help you earn income and use your skills? New business owners have tax related things to do before launching any company. Here are the 6 things to know about taxes and starting a … Read More
