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 this? We don’t own a franchise. We have our own store.” It sounded so obvious when she said it, but tax lingo doesn’t always make… Read More »Franchise Tax
I had a client come to me and tell me they had an employee and were taking taxes out but didn’t know what to do next. I asked how long. Two years. She had an employee for two years and didn’t file any forms or pay any taxes. My heart… Read More »Payroll Taxes
I paid income tax when I earned the money, then I paid sales tax on this when I bought it, are you telling me I have to pay tax on it again? Every single year? If you live in one of the 25 state that charges business property tax, this… Read More »Business Property Tax
One of the scariest things a new client has said to me: I started a business last year. I’ve been charging tax, but I’m not sure what to do next. I guess we will figure that out when we do my taxes. Why is this scary? Because this client is… Read More »Business Sales Tax
I need to pay my taxes. That’s where most of my small business clients start. You start a little business, you make a few sales, then you come to me in the spring to pay your taxes. This is business income tax. It is the most complicated tax, and… Read More »Business Income Tax
Does thinking about business taxes make you feel like you are in a bad AI graphic where nothing makes sense? Things I hear from clients: I started a business a few months ago, but I don’t know anything about taxes. What am I supposed to do? Why would I owe… Read More »What Business Taxes Do I Pay?
“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
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 one of the three main sources of income for Arkansas,… Read More »Arkansas Commercial Property Tax Assessment
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 for you AND 3 – These people are NOT your… Read More »Everything You Want to Know About Form 1099
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?
