Clients often ask me if gifts they’ve received need to be reported as income on their taxes. Like most things in the tax world, the answer to this question depends on several different factors. In today’s post, I’ll explain when…
Small Business Tips
Are you a creative entrepreneur running your business from home? Unlock the power of our free Home Office Deduction Calculator to estimate your potential tax deductions and keep more money in your pocket. Understanding Home Office Deductions To qualify for…
In today’s post, I’ll be breaking down the hot topic of capital gains tax. We’ll discuss how capital gains tax applies to short-term and long-term gains and, of course, how it affects your overall tax liability. What are capital gains?…
Reaching as many customers as possible is every small business owner’s goal. And if you’re a business owner who’s doing your best to remove barriers for customers and employees with disabilities, then in addition to expanding your business’ reach, you…
My clients sometimes ask me: Why am I paying the tax and not my business? In today’s post, I’ll explain pass-through taxation and how it affects your individual tax liability. Why am I paying the tax and not my business?…
With the majority of states now allowing a pass-through entity tax (PTET) election, my clients have been asking questions about PTET and what this means for their businesses. In today’s post, I’ll explain PTET and help you determine your next…
If you’re an S-Corporation owner wondering how you get paid, then go ahead and shout, “Show me the money!” In today’s post, I’ll break down the two ways S-Corporation owners get paid from their business. How is an S-Corporation different…
S-Corporation owners who want to sell their business should first look into whether an F Reorganization makes good tax and business sense for them. In today’s post, I’ll lay out the basics of F Reorganizations and explain how the process…
Social Security benefits are generally protected from most types of creditor actions, including garnishment. However, the Internal Revenue Service (IRS) has the authority to garnish Social Security payments for certain types of debts. In today’s post, I’ll explain the rules…
Viewing your investments like a farmer views their crops is a great way to ensure you’re cultivating growth, managing risks, and harvesting the highest yields. In today’s post, I’ll explain how you can use the tax-loss harvesting strategy to minimize…