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, a 20% deduction for running your small business is pretty nice. Let’s talk further details …
Where should I form an LLC? I get this question quite often. The answer is not Wyoming or even Nevada! Simply put, your domicile state is the best option. Don’t fall prey to the internet or a friend’s misguided advice when it comes to business formation. While some states may be less expensive for maintenance …
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 better pay an estimate based on what you think you’ll owe in order to avoid …
What it means to file for extension on your taxes 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 of RV rentals. Residential Rental This is where you split your RV between personal use …
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 reason for no activity, does the LLC need to file a tax return? LLC tax …
Do I need to file a tax return for my LLC with no activity? Read More »
With the freedom of being a small business owner comes the responsibility of navigating sales tax. If you’re confused about sales tax, you’re not alone! Collecting and paying sales tax is one of the more complicated aspects of running a small business, both online and off! If you ask yourself any of the following questions, …
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 counting if there has been a change in your life in the past year and …
Checklist to help you avoid mistakes on your taxes 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 small business. 1) Choose a business structure When starting a small business, an owner must decide …
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Employee vs. contractor? This is a common question among full-time travelers who work on the road. What’s the difference between an employee and contractor and how does it affect your tax obligations? Let’s get to it, so you can more easily figure out which one fits you best. Employee vs. contractor It’s pretty easy to …
If you own a business, it’s a must to understand the tax side of the business. This includes understanding pass-through income. Maybe you’ve heard of the advantages of registering your business in a no income tax state. In fact, you may have found companies offering to set this up for you for a small fee. …
Pass-through income: easily understand what it means Read More »