Talk to a business owner who has been in business for a while and he or she will tell you to make sure that you put a retirement plan in place. When you are starting out and have modest income, the Savings Incentive Match Plan for Employees (SIMPLE) IRA can be the...
Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Still, this is not a good situation. You are paying income taxes that could easily be avoided. So consider setting up a plan to...
As with all financial transactions, divorce comes with tax consequences. And those consequences have changed for tax years 2018 and later thanks to the Tax Cuts and Jobs Act (TCJA). General Rule The general tax rule in a divorce is that you can divide up most...
Imagine this: you didn’t issue Form 1099s to your contractors. Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct? Tax Law No. IRS auditors often make this claim,...
To help you understand business travel, consider this: You planned a personal trip to Los Angeles, arriving on Friday afternoon and leaving on Sunday afternoon. About a week later, you learn that a vendor you need to meet with is going to be in L.A. when you are. You...
