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… 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… 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… 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… 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… 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… 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… 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… 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… 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… 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… 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… 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…”… 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… Read More »Arkansas Commercial Property Tax Assessment
