Simple, plain language tax tips for small business owners, entrepreneurs and individuals. Transform your tax return from something scary to something easily understood. Pick up business organization and bookkeeping tips as well.
There are a variety of reasons why employers would like to classify workers as independent contractors; no payroll taxes, no benefits such as health insurance, no pension or profit sharing requirements and no minimum wage and hour laws. The IRS would like workers classified as employees to make collection of Social Security ad Medicare taxes easier. Learn how to determine whether workers are independent contractors or employees.
Like-Kind exchanges or 1031 transactions allow taxpayers to dispose of property and defer the gain of the property if certain very stringent rules are followed closely. This podcast discusses these rules.
Since the Tax Cuts and Jobs Act passed when discussing real estate I and most others have concentrated on the new 20% deduction available against rental income. This podcast explains what happens when taxpayers incur a loss and how much is allowed as a deduction on your return.
Now that we are through tax season I would like individuals to take control of their tax situation by estimating next year’s liability and assuring that they are covered through either the use of withholding or estimated income tax payments so there are no surprises next April.
One of the more common situations I run into is taxpayers selling their principal residences and trying to determine whether they are eligible for the $250,000 ($500,000 in the case of certain married taxpayers) exclusion from the gain on sale. This episode addressed the requirements for exclusion including some of the nuances pertaining to married couples.
If you own a sole proprietorship, single member LLC or are a partner/member of a multiple member LLC or partnership where all partners and/or members are parents of minor children you may be able to save significant tax dollars.
With the divorce rate being approximately fifty percent many individuals have to deal with tax implications upon divorce. This episode examines the treatment of alimony, child support payments sand filing status options updated for the the Tac cuts and jobs act.
This podcast explains options for individuals that either cannot file their returns or pay their balance in full by the April 15th deadline. Topics covered include extensions and payments options available.
There may be a time when a business owner would like to elect to change their business entity for it’s current tax structure to that of an S corporation. In this episode I discuss how to do this timely and what to do if you cannot file timely.
This episode addresses the provisions of the new tax law that most commonly affect businesses. I cover the reduced corporate tax rate, changes in depreciation, the new 20% deduction on qualifying ed business income and more.