Property flipping has been a popular side hustle since the housing market crash in 2008. Buy a property with some wear and tear and outdated décor at a low price, fix the problems, make it look nice, and resell it at a profit. There are countless classes you can take,… Read More »Property Flipping: Record-keeping to Pay the Least Taxes
Your 1099K is on hold again. It isn’t coming. I knew it. As the end of the year grew closer, I started writing blogs and planning strategies to deal with the incoming 1099K nightmare. I was figuring ways to reconcile the 1099K sent by the bank and the 1099-NEC or… Read More »The 1099K On Hold Again
Arkansas Sales Tax is the most confusing tax in the most confusing state. Should you be charging sales tax? Sales Tax law applies to You I am always surprised at the number of people who come to me who have no idea that they should be charging Arkansas Sales Tax… Read More »Should I Be Collecting Arkansas Sales Tax?
Why are you going to the liquor store? – A real-life look at business tax deductions One day, my staff bookkeeper asked me, with a stack of receipts in hand, “Why are they buying booze?” My first thought was, because they are self-employed, and life is tough… Then I realized what… Read More »Is the Liquor Store a Tax Deduction?
How do I report my Uber and Lyft income? Rideshare driving is so confusing. Most jobs are fairly simple: Here’s your form, plug in the numbers, taxes are done. Rideshare driving is different. You are self-employed. Why? Because they don’t tell you when to come to work or what to… Read More »Taxes for the Gig Economy
A Story of Two “New Guys” New guy #1 is Jack. Jack finished high school and, like most kids, had no idea what to do next. He sees an ad in the paper for a painter and he answers the ad because he helped his uncle paint the barn and… Read More »Employee or Contractor?
“I can deduct that?” Small entrepreneurs come to me with their business expenses and deductions, and I always ask: What about this? And this? And that? Deer-in-the-headlights. And then I assign the homework of going back and finding all ‘those’ expenses. I even had homework pads made because I give… Read More »Business Expenses and Deductions
January 2024 Update 2024 is upon us already and tax season is all year long at Grass Roots Taxes. If you have no idea what to bring to do your taxes, check out my list of most forgotten documents, below, and download this year’s updated checklist. You can also scroll… Read More »What to Bring to Do Your Taxes
How do I deduct my credit card payments? This is a very common question in my office and not an easy concept. Taxation is not based on cash flow. What is Cash Flow? Cash flow is the immediate feeling in your wallet. It is easy to understand. You put… Read More »Why can’t I deduct my credit card payments?