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
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
Carolina Hurricanes. San Jose Earthquakes. Chicago Fire. Colorado Avalanche. Am I talking about sports teams? No. I’m talking about the disasters behind the names. Disasters cause massive losses and often cost far beyond what insurance can cover. When the federal government helps by declaring a federal disaster area, federal money… Read More »Can I use my Retirement Funds after a Disaster?
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?
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 at a profit. There are countless classes you can take,… Read More »Property Flipping: Record-keeping to Pay the Least Taxes
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
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 at the end of the year (federal or state), make… Read More »Nine Things to do BEFORE you File your Small Business Taxes
The Secure Act 2.0 was passed in December 2022 and made a lot of changes to what you can do with your retirement money. The first Secure Act in 2020 allowed for a $5000 penalty-free hardship distribution for the birth or adoption of a new child. Section 311 of Secure… Read More »Can I Use My Retirement Money if I Have a Baby?
Your 1099K is on hold again. It isn’t coming. I knew it. As the end of the year grew closer, I started writing blogs and planning strategies to deal with the incoming 1099K nightmare. I was figuring ways to reconcile the 1099K sent by the bank and the 1099-NEC or… Read More »The 1099K On Hold Again
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 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 they are self-employed, and life is tough… Then I realized what… Read More »Is the Liquor Store a Tax Deduction?
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?
“Is there anything else going on?” I can tell there is. You wouldn’t be in my office if there wasn’t a problem somehow. Often, that last-minute question is on Child Support: paying, receiving, and employers getting letters to withhold. Everyone gets nervous about Child Support. No one wants to talk… Read More »Plain Talk About Child Support
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 tell you when to come to work or what to… 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.) is a separate “person” and a separate taxpayer, but it… 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. Deducting your home office expenses can be tricky, so let’s… 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 ad because he helped his uncle paint the barn and… Read More »Employee or Contractor?
August 1980-something, somewhere in New Jersey: My senior year was about to begin. I went into school on registration day to pick up my books and settle my super easy Senior schedule. Everything was looking perfect until I met with Sister Delores, my class counselor. (Yes, there were nuns at… Read More »Why Am I Here? – An Accounting Origin Story
I hear it all the time: “I paid the taxes on that and I’m not going to pay taxes on it again.” Gambling wins, retirement and 401k withdrawals, legal settlements, bonuses for selling plasma, and other payments have the taxes held out. Often, I have clients that are resistant to… Read More »“But I Already Paid the Taxes on That!” – Taxes Held Out on Payments