Employee or Contractor?
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?
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Small Business Tax
Business Expenses and Deductions
“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
Piercing the Corporate Veil
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
How to Take Inventory (and why you should)
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)
Can I Deduct my Car and Expenses?
(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 Commercial Property Tax Assessment
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
Everything You Want to Know About Form 1099
Why Would I Have to Send a 1099 to Someone? (Updated for January 2021) IF 1 – You have a business and business expenses AND 2 – One of your expenses is paying a person (or people) to do work… Read More »Everything You Want to Know About Form 1099
Why can’t I deduct my credit card payments?
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… Read More »Why can’t I deduct my credit card payments?
Am I a ‘Non-Profit’ because I don’t make any money?
I have been asked this question more than once by people not making money with their business. The short answer is ‘no’. Being a non-profit really has nothing to do with making money. Or taxes. Or profit. Or doing good… Read More »Am I a ‘Non-Profit’ because I don’t make any money?
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