How you can avoid double taxation With An S-Corp Election What Is an LLC? A limited liability company is a popular choice for small business owners who want a more formal …
Tax Brackets For 2021: Are You Withholding Enough?
If you are a W-2 employee, you can change the amount of your Federal withholding at any time to ensure you aren’t hit with a big tax bill when you …
COLLECT W9s from contractors and vendors NOW
The start of a new year can be hectic for business owners. The last thing you should be doing in January is trying to collect W-9s from your contractors and …
Lifetime Capital Gains Exclusion on Primary Residence
Everyone who owns a home that is their primary residence is entitled to a lifetime exclusion on taxable gains from the sale of their primary residence of $250,000 for individuals …
Home Improvement Tracking for Primary Residence
Reduce the taxable gains when you sell your primary residence by tracking your home improvements. The improvements you make plus the purchase price (adjusted basis) will increase the cost basis …
1031 Exchange
How can you keep from paying capital gains tax when you sell a rental house or other income producing property? The answer could be to do a 1031 Exchange.
Homestead Exemption
Do you own the home you are living in and it is your primary residence? If so, have you filed/confirmed your Homestead Exemption to reduce your property taxes? A homestead …
How to (legally) lower your taxable income
In the final months of the year, there are only a few options left to you to lower your taxable income and reduce your tax bill. This is the #1 topic for financial planners assisting their clients.
Collecting W-9s is a Pain. But…It’s the LAW
The W-9 is critically important for businesses to collect from anyone to whom they will make payments for services. The W-9 is required in order to issue Form 1099-NEC, a new form required by the IRS for the 2020 tax year.
NEW for the 2020 Tax Year: Form 1099-NEC
The IRS changes Form 1099 for 2020 Tax Year!
For the 2020 Tax Year, the IRS is requiring a new form, the 1099-NEC to report nonemployee compensation. The 1099-NEC is a whole form dedicated to BOX 7 (nonemployee compensation) formerly on the Form 1099-MISC.
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