Important Paypal Changes
Published on July 07, 2021
Important Paypal Changes If you’re selling stuff online and using payment processing services, like PayPal or eBay, to collect money, get ready for upcoming changes. The IRS now wants to know if your Paypal or Ebay sales exceed $600 a year. Starting 2022, the federal threshold for issuing 1099-K will drop to $600 with no […]
Choosing an S-Corporation Election
Published on June 24, 2021
Choosing an S-Corporation Election Choosing an S-Corporation Election at the right time is important to the success of your business. The business structure you choose influences everything from day-to-day operations, to taxes, to your ability to raise money, and to how much of your personal assets are at risk. Whether you are just starting your […]
Vacation Home Tax Deductions
Published on June 09, 2021
Vacation Home Tax Deductions Do you know of all the vacation home tax deductions that may apply to you? Business-Lodging Exemption If your vacation home is used exclusively for business lodging purposes, you can deduct your business-lodging expenses. Provided you have no personal or rental use of it, your vacation home is considered a 100% […]
Self-Employment Tax Planning
Published on June 03, 2021
Self-Employment Tax Planning If you are self-employed, I am sure you were surprised by your federal tax bill at least once during your self-employment career! I cannot tell you how many times I had to explain to my new self-employed clients why they had a huge federal tax bill even though net profit from the […]
Business Meal Deductions
Published on May 26, 2021
Business Meal Deductions Did you know that business meal deductions can apply to 100% of the total cost? In an effort to assist this industry, the Consolidated Appropriations Act of 2021 introduced a 100% business meal deduction. This temporarily increases the deduction of expenses that are paid or incurred for food or beverages provided by […]