Domestic violence. It seems you hear it everywhere these days. But you know what you never hear? You never hear from those who are stuck in it. The outside world has no idea what you endure. A friend of mine lost her life shortly after I met her. She never… Read More »Can domestic violence victims use retirement funds to get away?
In this series, I covered income tax, franchise tax, property tax, sales tax, and payroll tax but there is more. Much, much more. It is mind boggling the amount of other taxes, licenses, permits, and fees that local governments charge small businesses. Lots of people spend a lot of money… Read More »BUT WAIT, THERE’S MORE! OTHER BUSINESS TAXES
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
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
Can you lose money and owe taxes when you lost money? Yes, you can! But how can you owe taxes on a loss? If you trade the same stock, bond, crypto, or other investment back and forth several times, your losses may be wiped away by the IRS. It seems… Read More »Paying Taxes on a Loss: The Hidden Dark Side of Internet Trading
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 on the phone. It is likely that you were the… Read More »Employee Retention Credit – Real Updates on ERC
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 do you get different tax answers? Good question. I don’t have a simple answer. The Rule Book It starts with the rule book and how it is written. The federal tax code is about a zillion pages. I know that’s not a real number, but it is well into… Read More »Why Do I Get Different Answers From Different Tax Professionals?
How to Write a Tax-Deductible Receipt for your Church or Charity Many people donate to churches and charities with the hopes of getting a tax benefit in return. Your donors are the most important thing to your organization. Without their money, you can’t fulfill your mission. Keep your donors happy.… Read More »Tax-Deductible Receipt for your Church or Charity
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 checking account? Let’s find out. What is a veil? I… Read More »Piercing the Corporate Veil
“But it’s MY money. I already paid taxes on it!” That is true. Roth IRAs are funded with after-tax dollars. Therefore, Roth IRA withdrawals should be tax-free, right? Unfortunately, that is not always true. What is a Roth IRA? Roth IRAs were created by law in 1997. Rather than putting… Read More »Are Roth IRA withdrawals taxable?
Your tips are your money. Your manager, supervisor, or the owner cannot take your tips. The law on tips is in Federal Department of Labor Fact Sheet 15 HERE. You are not required to split your tips or ‘tip out’ non-tipped employees. Pooled tips – such as from a… Read More »Your Tips Are Your Money
(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 is advertising when driving it around, right?” No. “I did… Read More »Can I Deduct my Car and Expenses?
Yes, I am an Enrolled Agent in all 50 states, but I get it all the time… “This is Diane. She’s my CPA.” Me: “No, I’m an Enrolled Agent.” Them: “Huh?” Me: “Enrolled Agent” Them: “You’re an IRS agent?” Me: “Nevermind…” I’ve given up explaining. My license is on my wall… Read More »You’re a What? Enrolled Agent? What’s that?
A 1031 exchange is also known as a ‘like-kind’ exchange and it a method or deferring the taxes on the sale of a piece of property.
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
Gambling. People try to hide it sometimes. Others wear winning like a badge of honor. But when you win more than a few hundred on the lottery or at the casino, the government knows. Form W2-G You will know when it happens. You need to go to the lottery… Read More »Gambling Winnings on Form W2-G
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?
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 things. What’s the difference between a non-profit and a for-profit?… Read More »Am I a ‘Non-Profit’ because I don’t make any money?