5 Year-End Tax Planning Strategies for Individuals
Filing income taxes can be a stressful experience for anyone. However, the more steps you take to plan ahead for taxes, the better off you’ll be. As the year draws to an end, it’s important for you to begin year-end tax planning before tax season is upon us. If you wait too long to formulate…
5 Essential Considerations for Taxes as a Digital Nomad
You’ve hit the road as a digital nomad. Good for you for embracing this unique lifestyle filled with new places, new faces, and new experiences. However, don’t forget about taxes as a digital nomad. The digital nomad lifestyle comes with many advantages. More freedom, location independence, a better work-life balance, working from anywhere, minimalism …It’s…
What’s so Special About Limited Liability Companies (LLCs)
Everyone seems to want to start an LLC but what makes Limited Liability Companies (LLCs) so special? Let’s break it down so you can understand the importance of LLCs. What’s special about LLCs? LLC owners are called members. Single-member LLCs have one owner. Multi-member LLCs have two or more members and by default are a…
5 Simple Items to Consider for Your Small Business Expense Checkup
Whether you’re budgeting for a new business or you’ve been operating for a while, performing regular expense checkups can help keep expenses down and profits up. Let’s talk about doing a small business expense checkup! I totally understand that your expenses will vary according to your industry. However, some operational expenses are common for RV…
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…
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…
PPP Loan Forgiveness and Recording PPP loan funds
Congrats! You’ve applied and received PPP (Paycheck Protection Program) funds. Now what? Let’s learn about PPP loan forgiveness and how to account for the funds on the books. First, the basics of the PPP funds as a recap. PPP Loan basics review The maximum PPP loan amount is 2.5 times your average monthly payroll expenses,…
5 Tips to Help File Your Tax Return as a Nomad
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…
Top 10 tax questions and answers for full-time RVers
As we usher in the new year, I thought I’d answer some of the most frequently asked questions related to taxes and full-time RVing. Here are the top 10 tax questions for full-time RVers. 10 tax questions for full-time RVers 1. What’s the best tax savings strategy for full-time RVers? First, there aren’t any special…
6 Reasons Why You Shouldn’t Try to File Your Own Taxes
Some jobs are great for the do-it-yourself person – oil changes, remodeling your RV, designing your website, etc. However, filing your income tax return isn’t one of them. Here are 6 reasons why you shouldn’t try to file your own taxes. First, let’s talk about who should prepare their own return. File Your Own Taxes…