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Tax Tips Knowledge Base

We’re here to help. Search our knowledge base of tax tips and information so that you can make informed financial decisions about the things that matter most.

Tax Tips for Regular Folks

Paying Taxes on a Loss: Wash Sale Disallowance – The Hidden Dark Side of Internet Trading

If you are tempted to jump on the latest investment bandwagon, pay attention to your buys and sells. Frequent buys and sells will have you paying taxes on the gains and having all your losses disallowed. In other words, you can lose money overall, but when tax time comes you pay taxes on the gains and can’t deduct the losses. You can lose money overall and then lose even more by having to pay taxes on gains you never received because they were eaten up by losses that no longer count.

Can I Rent my Home to My Business Tax-Free?

The Augusts Rule says that you can rent out your personal residence for less than 15 days per year and it is NOT income.

Why Do I Owe Taxes on My Inheritance?

When you make withdrawals, you will get a 1099-R at the end of the year and you need to report it as retirement income, even if you are not retired, even if you had taxes withheld.

Business or Hobby? – Are you overpaying you taxes?

Don’t let tax software convince you that you are a business because you got a 1099. Hobbies are reported as “other income.”

Why Do I Get Different Answers From Different Tax Professionals?

Why are there different answers from different people? Laws are conflicting, situations are complex… get the full explanation here.

But I Already Paid the Taxes on That! – Taxes Held Out on Payments

Do I have to report payments on my taxes when the taxes were held out? Am I paying the taxes twice? How to report gambling, 401k, settlements, and more.

Are Roth IRA withdrawals taxable?

Withdrawals from a Roth IRA can be taxable in some situations. Learn what is taxable and subject to penalty before you take money out.

Your Tips Are Your Money

Your Tips Are Your Money. Your manager cannot take your tips. You are not required to split your tips or “tip out” non-tipped employees.

15 Kinds of Tax-Free Income

Many types of income are tax-free and not considered income by IRS rules. Learn about excluded income and what you can deduct.

You’re a What? Enrolled Agent? What’s that?

Enrolled Agents are Tax Experts who are still tested and licensed under the same 1884 law that is 30 years older than the IRS itself.

Paying Taxes on Inherited Property

If you inherit a piece of land or a car or jewelry or anything that isn’t cash, and you turn around and sell it immediately, chances are that your taxes are zero.

Can employers match ROTH 401k plans?

Secure 2.0 section 604 now allows employers to match your ROTH contributions directly into your ROTH 401k.

Why Am I Here? – An Accounting Origin Story

Read how Accounting came to be my calling. Sometimes your calling in life isn’t what you planned but can end up being incredibly rewarding.

Can I deduct my home improvement expenses?

Can I deduct my home improvement expenses? Let’s see how selling your home is taxed and what to do now to minimize future taxes.

What to Bring to Do Your Taxes

Learn what to bring to your enrolled tax agent or CPA when you’re ready to do your taxes and download our checklist.

Tackling the New W4

The W-4 has changed significantly and can be really confusing. Learn how to fill out the new W-4 like a pro on your first day of work.

Can I get a copy of my old tax return?

Need an old tax return? Find out what the IRS keeps for you, what you should keep, and how to get what you’re missing. #adulting

What’s all this stuff taken out of my check?

Why are there so many taxes taken out of my check? What are they? Is there anything I can do? Get these answers and more.

Can I take money out of my 401k for having a baby?

A hardship distribution for a new child should be treated as a rollover, but with three years to pay it back instead of only 60 days.

Plain Talk About Child Support

Child support explained by an accounting expert. Understand why the child support system is the way it is and how to navigate it successfully.

Should I Be Collecting Arkansas Sales Tax?

Arkansas Sales Tax is confusing. Many services are taxable in Arkansas. See if your business should be collecting Sales Tax.

What Is Franchise Tax and Why Do I Have to Pay It?

What is Franchise Tax? Do I have to pay it? And why? All questions answered in this article. See if this affects your business.

Arkansas Nonprofit Filing

Arkansas nonprofits have to file multiple forms with the state. Be sure to keep your nonprofit legal and file the correct forms annually.

Arkansas Commercial Property Tax Assessment

Arkansas Commercial Property Tax Assessment is due May 31. This article will walk you through the process to make sure its right

Is the Liquor Store a Tax Deduction?

Are Liquor store receipts a tax deduction? Not all businesses are the same. Your accountant should ask you about your receipts.

What is a Registered Agent?

What is a Registered Agent? Why do I need one for my LLC? What do they do? Who can be my Registered Agent?

Can I Deduct my Home Office Expenses?

Deducting your home office expenses can be tricky. If you have a business, made a profit, and work from home, learn how to take the deduction

Employee or Contractor?

Determining whether you are an employee or contractor can be confusing. Find out which you are and how to handle your taxes accordingly.

Business Expenses and Deductions

Entrepreneurs are often confused by business expenses and deductions. Learn the basics and get a free printable checklist for your deductions.

Piercing the Corporate Veil

How Single Member LLCs, Shipwrecks, and the Dog Groomer can cost you money. Be sure your small business is not piercing the corporate veil.

How to Have an Annual Meeting and Why

If you are an LLC or a corporation (including Nonprofits) you should have an annual meeting every year, even if you are the only owner.

How to Take Inventory (and why you should)

If your small business sells products of any kind, you need to know how to take inventory and you need to do it at the end of each year.

Nine things you need to do for your small business or side gig in January 2026

Nine things you need to do now (Before you file your taxes) Income Checkup – If you are going to

Can I Deduct My Car and Expenses?

Can I deduct my car? The IRS requires complete documentation in an audit. Learn what the IRS needs to prove your business travel.

Tax-Deductible Receipt for your Church or Charity

You need to comply with recent IRS rule changes and provide a tax-deductible receipt to your donors for money and used good donations.

Non-profit vs For-profit – What’s the difference?

“Am I a non-profit or for profit?” Learn what it means to be a nonprofit organization according to the IRS and for tax purposes.

Taxes for the Gig Economy

Taxes for the Gig Economy can be difficult when you are on your own. Get the most deductions by tracking all your expenses.

Are Home Improvements Tax Deductible? (part 2)

When can you deduct you home improvement expenses? Does it go on a tax form? How are home improvements a tax deduction?

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Tax Tips for Regular Folks

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Tax Tips for Regular Folks

Adulting

Kids & Dependents

Arkansas

Small Business

Non-Profit

Gig Work

Videos

Newsletter Archive

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