While this document was prepared for a few of my truck driving clients, it can apply to almost any of you who are starting a business, operating as a solo business operator, or a self-employed individual.
Continue reading Strategic Decisions The Entrepreneur Must Make
So, if your income tax preparation involves a few W-2 (salaried income), 1099s for interest and dividends and capital gains, even a 1099B for stock transactions (NOT Crypto, nothing more than 5 transactions), then you should be doing your own taxes. Because a professional is going to have charge way more than you want to pay to prepare your taxes. And, the professional won’t be able to come up with a lower tax bill than you could by yourself.
Continue reading Do Your Own- or Get Help?
I know you thought it sounded pretty good when you decided to pick up a few extra dollars by driving for Lyft and Uber. Moreover, most of you didn’t realize how little ‘profit’ (not cash) you would actually generate. To make it worse, this past year, you probably got very few gigs, since folks were (are) petrified of getting sick from traveling in your car. But, if you did make money, there are still big issues.
Continue reading So You’re A Gig Worker
Confession time.
I have a low threshold for boredom.
So, besides helping create medical, pharmaceutical, water treatment, among other products; serving as CFO or Managing Partner to a few law firms; financial advisor to small and medium businesses; non-profits, and unincorporated entities; I also am a consultant to two national tax providers.
Let’s assume we’re a solopreneur in Virginia or Arizona or Montana (or some other state).
And, we’ve picked up a great little contract from FlyHighBiotech in San Diego. And, another from IoT4U in Sunnyvale. (In case you don’t know, both of these cities are in California.) And, neither entity is expecting us to show up at their offices to share our results- everything will be done via Microsoft Teams, Skype, Whiteboard, and eMail.
Continue reading They want more!
You know the tax law has changed. And, for many of you, that means that itemizing is no longer an option. (If you are married, the threshold of deductions needed to itemize went from $ 12K to $ 24K- and you are limited to $ 10K for the TOTAL of your property taxes and state/local income taxes. Of course, you could do as I have done for many a client- filed separately for the first time in decades. Where the threshold is $ 12K- and you still have that 10K max for property/state/local taxes….)
Continue reading We covered death. Now, it’s time for taxes.
I’ve discussed the new QBI (Qualified Business Income) regulations several times over the past few months. That’s the new classification that the Tax Cut & Jobs Act has provided to afford pass-through businesses the ability to shield 20% of their profits from income taxes.
Running a business? Then, you know that money you spend for meals – or entertainment- that are business related are not fully deductible. Oh, sure, if you spend $ 100 wining and dining a client, your profits have been reduced by $ 100. Except that’s not how it appears on your Schedule C or Form 1120 or Form 1065. Because only 1/2 of that expense is deductible.
Continue reading 100% Deductible?
