We have a slew of clients who are running a lifestyle business. They like to be known as solopreneurs, but with annual turnovers less than $ 50,000, creating a formal business enterprise is not in the cards- because the return on investment would be too low. (We do have a bunch who clearly want to have at least $ 50,000 BELOW the line- those clearly need more formal structures.)
Continue reading Gig Workers/Self-Employed/Disregarded LLC
Qualified Business Income.
I’ve written about this before. Most recently this past June. So, why am I writing about this again?
Continue reading QBI gets ‘formified’
It’s that time of year again.
When I get the dreaded phone call….
“The IRS says I owe a quarter million. Can you help me make it go away?”
Continue reading Can we settle?
I had two big arguments with clients this year. OK. One. Because I fired the other client, who was clearly wrong, yet positive he would prevail.
Continue reading Going to Court?
You want to tick off the IRS?
Don’t pay your tax bill.
That’s really the easiest way to get the wrath of this massive government agency to be directed upon you.
Continue reading Second Chances?
OK. Today’s the day.
And, from my point of view. I’m so pleased that this is the first time in a long time, that the holiday of Pesach (Passover) did not interfere with my ability to serve my clients’ needs. That’s right- Pesach won’t be here until Friday, so I could spend this past Sunday to Friday analyzing my clients’ needs and helping them pay the lowest amount of taxes required by law.
Continue reading The Ides of April!
With the tax season mostly done now, I noticed a problem that needed an IRS fix.
You all know by now that SALT (state, local, and property taxes) have been limited under the Tax Cut and Jobs Act to a maximum deductibility of $ 10K. The GOP wanted to penalize those states under Democratic Party management, where SALT is usually higher, because better services are provided their citizenry.
Continue reading Did someone drop the ball?
A few years ago, the IRS decided it needed to regulate tax preparers. After all, too many of these folks are fly-by-night cheats, others create fraudulent returns, and most of them fail to stay up-to-date with IRS regulations and tax laws.
Continue reading To Fee or Not to Fee…
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.
