As a business owner, financial responsibilities can be complex, especially when it comes to tax obligations. One crucial aspect that often surfaces is dealing with 1099s. In this quick guide, we’ll discuss the common scenarios in which a 1099-NEC might be issued: Independent Contractors: Businesses must issue a 1099-NEC to independent contractors, freelancers, or other… Read More
Launching a new business venture in 2024? Congratulations on taking the plunge into entrepreneurship! To ensure a smooth takeoff, here’s a comprehensive checklist that will guide you through the crucial steps of launching your dream business. Craft a Solid Business Plan: A roadmap is essential. Outline your business idea, target market, competition analysis, and financial… Read More
Elevate your business with SMART GOALS. In the ever-evolving environment of business, setting strategic goals is a key driver for success. As a business owner, it’s essential to navigate the path to growth with precision. One effective method for goal-setting is the SMART criteria: Specific, Measurable, Achievable, Relevant, and Time-bound. Here’s how you can harness… Read More
Every year, most of my clients ask how they can lower their taxes. They always ask if buying a house, or buying something for work is something that they should do. Buying a house can help to lower your taxes, however, it also lowers your bank balance! Here are some examples, to put it in… Read More
Anything that you have to buy for work, that is ordinary & necessary is an employee business expense. The tax code says “An expense is ordinary if it is common and accepted in your trade, business, or profession. An expense is necessary if it is appropriate and helpful to your business. An expense does not… Read More
A client filed her own taxes on Turbo Tax, paid $29.95 for the “free” version with CA and efile. She went thru all the questions, double checked her work, and was happy with her refund of $3,421. While preparing the next year’s tax return for her, I noticed a glaring mistake… she had omitted her… Read More
Here’s a common horror story… Jane’s son Adam is 19 and still lives at home. He’s a college student, and works… you know, he takes care of himself. He’s his own man. So, he takes advice from his friend and goes to a big box tax prep place, or his buddy does his taxes for… Read More
According to the IRS, more than 13.2 million Americans owe back taxes. The majority of these cases involve amounts that seem impossible to pay off. That leaves those tax-owing Americans in a difficult position. They want to pay, but they can’t, and the end result is feeling a lot of guilt about the situation. There… Read More
When it comes to your money, there’s only one person that truly has your best interests at heart – and that person is looking back at you in the mirror. Handling your own finances and making your own decisions can give you peace of mind and help you avoid a costly mistake. There is a… Read More