Since the money is coming from the government to start with, many people ask, “Do I have to pay taxes on my unemployment benefits?” In today’s article, I’ll answer that question and respond to the most frequently asked questions regarding…
If you’re using QuickBooks Online as your bookkeeping tool, but you’re not keeping track of your fixed assets, you’re missing an important step in helping reduce your tax burden. This article includes step-by-step instructions on how to record fixed assets in QuickBooks Online.
If you’ve noticed Code 570 and Code 971 on that transcript and are wondering what those codes mean for you and your money, today I’ll explain all of the possibilities for you.
In the United States, we have a progressive tax system based on tax brackets. How these tax brackets work is something that is commonly misunderstood. In today’s article, I will explain how tax brackets affect you so you’ll have the…
Step-by-step instructions on how to reach a real person at the California Franchise Tax Board.
This article explains an S-Corporation basis and why it’s an important number to keep your eye on as a small business owner.
No one wants to be audited by the IRS, especially small business owners. Sometimes an audit is conducted at random and can’t be avoided, but most times, there are steps you can take to avoid landing under the auditor’s microscope….
My passion is teaching small business owners to understand their taxes while also helping them maximize their profits by reducing their tax burdens. In today’s post, I hope to do both of those things by explaining the magic QBI 28.57%…
If you own an S-Corporation, you likely know that you need to pay yourself “reasonable compensation” for the job you perform for your company. But what happens if your S-Corporation cannot afford a reasonable salary? What do you do then?…
When it comes to S-Corporation taxes, knowing the difference between dividends and distributions is important. It’s also good for business owners to have a clear understanding of how S-Corporation dividends or distributions are taxed. In today’s post, I’ll walk you…
