Latest From the Blog
The Independent Contractor's Tax Survival Guide
Welcome to the tax jungle, independent contractors! In this week’s tax tip we offer you a survival guide against the most dangerous of predators, the IRS. This article, provided by Forbes Advisor, instructs how to calculate the federal taxes you may be dealing with, including: self employment tax and income tax, and all the essentials you need to survive next tax season.
How to Avoid Taxes by Traveling
This week’s tax tip is for all of our traveling business people and the deductions you can get for business trips. Ironically, this week’s tax tip is brought to you by the very same people who want you to pay your taxes, the IRS! The article includes the various deductions one can list on their taxes due to business including food, gas, transportation tickets, and most importantly, how to document all of that so it is easy to file your taxes when the time comes.
Your Lawfully Wedded Business Partner?
This week’s article takes a look at a decision that could make or break your business—and your marriage. Going into business with your spouse comes with many unique advantages and disadvantages, and it can be hard to navigate between the two. Since you spend a lot of time together, you will have plenty of time to think over and discuss business decisions, but that work can get in the way of your relationship. This article goes through it all and offers expert opinion on how to make the most of working with your spouse.
Hit the Panic Button: You Missed the Tax Deadline
The people who want your taxes, the IRS, have ways to ensure you are able to pay and offer avenues for avoiding penalties depending on your circumstances. However, even if you manage to dodge the penalties, you should always pay your taxes as soon as possible, as the longer you wait the worse things can get.
New Rules on Ohio LLCs
This week’s article highlights some key parts of the Ohio Revised Limited Liability Company Act which took effect on February 11th. It constitutes the biggest change to Ohio’s LLC law since its inception in 1994. It is a good starting point for LLC owners in understanding the biggest changes and offers key takeaways at the end to avoid any missteps in adjusting to the new rules.
Everyone's Favorite Pastime: Trying to Reach the IRS
Just in case you need a reminder on how wonderful it can be to deal with the IRS, this week’s article goes through the experience of WSJ writer Laura Saunders waiting in line at the IRS for 5 and a half hours after being unable to reach them by phone and highlights the staffing and funding issues of the organization. It demonstrates one of the best parts of having an accountant: Someone to contact the IRS for you!