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 Buy a property with some wear and tear and outdated décor at a low price, fix the problems, make it look nice, and resell it… Read More »Property Flipping: Record-keeping to Pay the Least Taxes
Did you get a thousand phone calls telling you that you get $26,000 per employee from the government? Free money, no catch? They probably said it was a new program and you qualified for the Employee Retention Credit right there… Read More »Employee Retention Credit – Real Updates on ERC
2024 Update for Small Business Taxes Be sure to complete this list before you file your 2023 small business taxes in 2024. Scroll down to watch my video. 1. Income Checkup – If you are going to owe over $1000… Read More »Nine Things to do BEFORE you File your Small Business Taxes
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… 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… Read More »Is the Liquor Store a Tax Deduction?
Franchise Tax is an annual tax that the state charges for your entity to exist. One day, I got a call from a lady who got a reminder letter to pay her Franchise Tax. “Why do I have to pay… Read More »What Is Franchise Tax and Why Do I Have to Pay It?
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… Read More »Taxes for the Gig Economy
Every entity formed by the state needs a Registered Agent. All nonprofits, small LLCs, corporations, and any other entity formed by your Secretary of State needs one. Entities are not Humans An entity formed by the state (LLC, corporation, etc.)… Read More »What is a Registered Agent?
“Remember to deduct my home office expenses, Diane.” “I had to work at home since March. I can deduct all my housing expenses because I work at home, right?” No. “My home is my office. It’s all deductible, right?” No.… Read More »Can I Deduct my Home Office Expenses?
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… 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’… Read More »Business Expenses and Deductions
How Shipwrecks, the Dog Groomer, and Single Member LLCs can Pierce the Corporate Veil What is the Corporate Veil? And what does that have to do with ships sinking in the Atlantic and paying the dog groomer from your business… Read More »Piercing the Corporate Veil
If you sell products of any kind, you need to know how to take inventory and you need to do it at the end of each year. Why should I take Inventory? If you sell products, it is REQUIRED that… Read More »How to Take Inventory (and why you should)
(TL;DR at bottom) This is question that I get all the time. “If I put my car in my company’s name, it is a company car, right?” Nope. “If I put magnetic signs on it, it… Read More »Can I Deduct my Car and Expenses?
Arkansas has NOT extended the deadline to assess your property in 2020. The May 31 deadline to assess all property stands. Since that is on a Sunday, the deadline is Monday June 1. What is Property Tax? Property tax is… Read More »Arkansas Commercial Property Tax Assessment
