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
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
Tax season is in full swing and that means it’s more important than ever to gather all your paperwork. To help you get started, here’s a prepare to file your taxes checklist. Prepare to file your taxes Whether you’re planning … 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
The IRS requires employers to mail employee earnings information, commonly known as a W2, by the end of January. However, there can be delays due to mailing, etc., so it’s best to give your employer an extra week or two. … Read More
Employee or 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 … Read More
If you own a business, it’s a must to understand the tax side of the business. 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 … Read More
As with most things in business and life in general, it’s all about the basics, right? Well, here are the basics. If you already know them, but aren’t implementing them, it’s time to start. If you’re just getting started, it’s … Read More
Thinking of taking a trip away from your motorhome or RV? Plan on renting it out while you are gone. Keep these tax rules in mind. Now you can plan ahead for taxes when renting out your RV or vacation … Read More
