Getting a divorce is terrible enough as it is. Getting divorced when you own a small business is even more terrible, considering that there’s a good chance the business you’ve worked so hard to build could be considered marital property…
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Small Business Tips Archives
The question of employee classification has come up a lot in the past few years. With the rise of the gig economy and more and more folks choosing to branch off and work for themselves, independent contractors are on the…
As a virtual accountant for creative businesses all over the United States, the majority of my time with clients is spent chatting via email, phone, or video conference. So when I have the opportunity to meet some my amazing clientele…
If you ever search sales tax rules for your state and profession, you’ll probably see a whole lot of “check with your state” and “ask an accountant.” This is due to the fact that every state has different sales tax…
If you hire someone for child care who is over 18, who you’re not related to, who is expected to work for you on a regular schedule, and who you’ve paid over $2,100 in the year (or over $1,000 in any given quarter), you should be withholding taxes for them.
An IRS tax return transcript shows most line items including your adjusted gross income from an original tax return (Form 1040, 1040A or 1040EZ) as filed, along with any forms and schedules. Your tax transcript is only available for the…
Let’s just be straight about it—we all want to save money on our taxes. Anything that allows hard-working creatives, small business owners, and generally awesome individuals to (legally) keep more of their hard-earned cash is a huge win. While most…
As a small business accountant, the question I probably get more than any other is, “Can I deduct this?” And it makes sense—small business owners work hard for their money, and want to save every penny they can from getting…
Unfortunately, job search expenses are no longer deductible. Due to the Tax Cuts and Jobs Act (TCJA) that Congress signed into law on December 22, 2017 job search expenses are not deductible in the tax years 2018 through 2025.
The first way to avoid a penalty here, of course, is to ask for permission rather than forgiveness—if you know you are going to need extra time to file for your returns, file for an extension before tax day using Form 4858 if you’re filing as a sole proprietor or Form 7004 if you’re operating as a corporation. While you’ll still need to pay what you expect your tax to be by tax day, this grants you extra time to get your affairs in order to file.