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Working for yourself doesn’t mean you have to miss out on the tax benefits that regular employees get from standard workplace retirement plans. If you’re self-employed and looking for a retirement plan, you may be trying to decide between a solo 401(k) and a SEP IRA. With both retirement plans, your investment in your tax-favored […]

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 minimum transaction level, […]

Choosing the right business type 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 business, or have been operating as a […]

Do you own a vacation home? If yes, did you know that you might be able to deduct a number of vacation home expenses on your business tax return?  Business-Lodging Exemption If your business uses your vacation home or condo exclusively for business lodging purposes, you elude the vacation-home rules and allow you to deduct […]

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 was modest. […]