Category: Business

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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January 11, 2023

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.

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Business Expense Guide

Accounting & Bookkeeping, Business

Please click HERE to check out our tell all guide to Business Expenses!

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February 11, 2022

Accountable Plan Basics for S Corporations

Accounting & Bookkeeping, Business, S-Corp

CLICK HERE to get your Accountable Plan Basics Google Sheets workbook. The S Corporation Accountable Plan – A Reimbursement Plan for the Business Use of your Personal Assets & Services Please note that if you do not have an S Corporation election this article does NOT pertain to you. As a business owner, it’s inevitable…

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January 10, 2022

Do I Really Need To Save Receipts?

Accounting & Bookkeeping, Business

When it comes to business and taxes, saving your receipts is one way to protect yourself and your business from the IRS. Does this mean you need to create space in your office for all the different folders, and eventually boxes, that will be filled with your receipts from the tax year? No. You may…

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November 22, 2021

Business Meals Bonus Deduction for 2021 & 2022!

Business

Many business owners don’t realize that business meals are not 100% deductible. Yep, that’s right, they have only been able to take 50% of business related meals according to the tax laws. Taking clients, prospects or employees out, has only been a partial deduction for some time now. The other 50% is truly “on them”….

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Ready to Find Out How We Can Work Together?

Melissa Calwell, CPA,EA,MBA has over 30 years of hands on experience working directly with business owners in both the private sector and through public accounting. Her depth of knowledge and expertise in all areas of back office operations and accounting is the magic of Fortitude Tax & Accounting. Years of experience in the field has allowed her to observe and implement solid systems and processes that work and make the tasks of compliance and accounting in your business feel easy!

Contact us today for an assessment on your business and solutions that are designed just for you!