Dive down the rabbit holes and wormholes of the US income tax code with us! Whether you're navigating the highway of business taxes or the byway of personal filings, we're here to light up those dark, twisty tax tunnels with a splash of humor, a sprinkle of tales, and a whole lot of tax wisdom. Gone are the days of tedious tax talk! We're spicing things up, making numbers nifty and IRS stories...well, surprisingly entertaining. From the Flake fiascos to the Martins' mysteries, we unpack it a ...
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Vacation or Write-Off? Navigating the Balance Between Leisure and Business Deductions
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Learn the strict IRS rules on writing off vacation expenses as business deductions! Read the article hereAutor: Tim Thompson
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Mixing Business with Pleasure: Navigating Personal Days on business Trip (Part 1)
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In Part 1 of our series on mixing business with pleasure, we explore the complexities of navigating personal days on a business trip. Read the article hereAutor: Tim Thompson
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The Gig is Up: A Comprehensive Look at Worker Classification in Today’s Economy
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Deciphering worker classification can be daunting in today's gig economy landscape. In this episode, we explore the IRS's guidelines, shed light on gray areas, and provide invaluable tips for businesses to ensure they're compliant with federal, state, and local standards. Equip yourself with knowledge and stay on the right side of the law. Read the…
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How do I file taxes after my spouse passes?
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In this episode, I address a more serious common question about which filing status to use after a spouse's passing. Read the article here.Autor: Tim Thompson
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In this episode, I discuss the common question of whether you can hire your kids in your business. I provide insights into the legal aspects, tax breaks, and considerations you need to keep in mind. While the answer may seem straightforward, there are nuances and exceptions that you should be aware of. Join me as I break down the topic and provide …
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Avoid the April Aftershock! Adjust your W4 Today!
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In this episode, I break down everything you need to know to get your W-4 right and cruise into tax time without any surprises. Article Post YouTube VideoAutor: Tim Thompson
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Can I Purchase a Car Through My Business?
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In this episode, I discuss the tax implications of buying a car through your business. I explain the importance of the 50% rule and how it affects accelerated depreciation. I also touch on financing and insurance considerations when titling a vehicle in the name of your business. Additionally, I highlight the need for proper record-keeping and the …
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Navigating S-Corporation Health Insurance (2023): Updates & Eligibility FAQs
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Unravel the complexities of S-Corporation health insurance in 2023! Dive into the latest updates, and essential steps for securing your deductions, and get clear answers to top eligibility questions. Whether you're an S-Corp owner or just curious, this guide sheds light on navigating the intricate maze of health insurance regulations. Don't miss ou…
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Don't be a Flake:The Importance of a Bulletproof Mileage Log
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In this episode, I discuss the importance of keeping accurate mileage logs for tax deductions. I share a personal story about my family's experience with old-school mileage logs you could buy from the drugstore, and then dive into a case involving Jim and Martha Flake and tell how their lack of having a contemporaneous mileage log led to the denial…
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