The Independent Contractor Guide: 1099 Taxes Explained
Did you know that whether you’re an employee or an independent contractor, you pay for Medicare and Social Security through taxes? As an employee, you pay for it before you get your check. As an independent contractor, you pay for it after you receive all your revenue. This makes 1099 taxes more overwhelming than W-2 […]
Tax Debt Relief: The IRS Resolution Process
Somehow you found yourself behind on taxes and in debt to the IRS. It makes your stomach turn thinking about it. You need tax debt relief… and quick. You may be tempted to put it off until you have the mental and financial capacity to deal with it. That’s a dangerous path to walk. You […]
DIY Taxes: How to File Personal Taxes
DIY Taxes: How to File Personal Taxes It shouldn’t feel like walking through a minefield to DIY taxes. Especially to file personal taxes, those are generally the least complicated returns to file. But for most people, it does feel complicated and can get overwhelming. And that’s totally understandable, because the IRS operates like a massive, […]
Types of Taxes Every Business Owner Should Know
When you operate a traditional job, tax compliance is simple because you only deal with a single payroll deduction on your paystub. The moment you step out and build a business of your own, you enter a completely fragmented world of independent tax jurisdictions. The federal government, your state department of revenue, and your local […]
Is it Worth Getting a Second Opinion on Taxes?
Don’t fall for this trap… no need to get a second opinion on taxes if you got a refund. There are reasons you don’t need a second opinion, but that’s not one of them. A second opinion review is often a necessary baseline check against simple errors, shifting tax laws, and generalist approaches that might […]
10 Ways to Find and Vet the Best Accountant
It should be easy to find the best accountant for your taxes and business. Like with almost any purchase, you start with a Google search, compare ratings, read reviews, and maybe even check a list of must-have qualities. Then you go with the option that gives you the most confidence. In the case of an […]
Should You Hire an Accountant to Do Your Taxes?
The other day, a business owner confessed to a major hang-up. They knew they couldn’t handle their finances alone; they needed help. But they were terrified that hiring an accountant meant giving up control of their money. We all fear the unknown. It’s why kids are afraid of the dark. You might worry that a […]
Small Business Taxes for Beginners
Starting your own business is an incredible milestone…right up until the moment you realize you have to handle the taxes all by yourself. Don’t let the stress of filing and paying your small business taxes hold you back. This small business taxes for beginners blog will take you through the main taxes you need to […]
How to Use the Augusta Rule: The Corporate Rent Strategy
There is a massive tax loophole hiding right in your living room, and the IRS isn’t going out of its way to tell you about it. As entrepreneurs, we are always hunting for smart tax strategies and valuable tax deductions. The standard home office deduction is popular, but it is a known audit trigger that […]
How to Write Off Your Trip Legally
Don’t assume you can just slap a business trip label on your next family vacation and call it a day. The Internal Revenue Service does not play that game. If you ever face an audit, they will comb through your travel expense records looking for hard proof that your trip was primarily for business purposes. […]