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… 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… 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… 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… 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.)… 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.… 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… 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… 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… Read More »“But I Already Paid the Taxes on That!” – Taxes Held Out on Payments
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
“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
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?
If you have an LLC or a corporation (Including a Nonprofit) you should have an annual meeting every year, even if you are the only owner, to protect you in an audit and other legal situations. Do I Need to… Read More »How To Have an Annual Meeting and Why
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)
