January 11, 2024

New Reporting Requirements – Corporate Transparency Act

Business, Uncategorized

It’s all over the interwebs.  In fact, there are a number of influencers and others creating unnecessary fear mongering related to this. Let’s break down the new reporting requirements and get to the truth of the matter. The One Question You Need To Answer First To Determine If You Need To Keep Reading: Do you…

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December 5, 2023

Do I Need to File Form 1099-MISC or 1099-NEC?

Business, Start-Ups/New Businesses

I paid someone in the course of my trade or business this year! Do I need to file form 1099-MISC or 1099-NEC? Well it depends. While there are several 1099 forms, this article will focus on 1099-MISC and 1099-NEC. Solving The Mystery Behind Form 1099-MISC and 1099-NEC: The good news is that we are here…

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August 5, 2023

What is Self-Employment Tax

Business, Start-Ups/New Businesses

So you’ve decided to take on your own business? One of the biggest differences is that instead of taxes being withheld from your income, you will need to pay taxes as you receive income in order to ensure that you remain compliant with the IRS! So, what is self-employment tax? Peeling Back The Layers Self-employment…

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July 5, 2023

Tax Benefits For Real Estate Professionals

Business, Start-Ups/New Businesses, Taxes

Are you a real estate professional looking to maximize your tax benefits? Here’s a couple of tax benefits you may not be aware of! Loss Can Be a Gain! Qualifying real estate professionals get two special exceptions that are tax beneficial: Losses greater than income can still be deducted Rental real estate losses can exceed…

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June 5, 2023

The Difference Between an Employee and an Independent Contractor

Business, Employee & Payroll, Start-Ups/New Businesses

It’s important to know the difference between an employee and an independent contractor. Both have their own filing requirements and both have different implications on taxes. Employers withhold taxes from paycheck to paycheck from employees, whereas independent contractors typically pay taxes as they bring in income. In order to determine if a person is an…

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June 2, 2023

Why You Should Make Estimated Tax Payments

How To, Taxes

So – you’re here because you are thinking or have been told you need to make estimated tax payments? Most self employed individuals, including S Corporation owners, and many retired individuals find themselves needing to make estimated tax payments.  Here are the benefits: Helps with Cash Flow, no big scary bill in April Helps keep…

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January 11, 2023

2022 Tax Season Portal Help!

How To

Melissa Calwell See Full Bio

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Business Use of Home & Other Deductions Workbook!

Accounting & Bookkeeping, Business

More complete article coming later, but for now CLICK HERE to get your Google Sheets workbook. Melissa Calwell See Full Bio

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Business Expense Guide

Accounting & Bookkeeping, Business

Please click HERE to check out our tell all guide to Business Expenses! Melissa Calwell See Full Bio

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January 9, 2023

Tax Time Checklist! For Personal Income Taxes

Taxes

For many the task of gathering tax time documents for your tax accountant feels like an overwhelming task.  We’ve put together a handy checklist of income and deductions & tax credit documents that will certainly help guide you through the process.  It may even inspire you to ask about deductions you might be missing out…

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