As a self-employed person, saving for retirement is an important part of effective financial planning. Fortunately, there are several retirement savings options available that offer tax benefits and the ability to save for retirement. Two of the most popular options for self-employed individuals are SEP IRAs and individual 401(k)s, also known as solo 401(k)s.
Continue reading...Tax Information
S-Corp Elections in a Post-QBI World: Do They Still Make Sense?
The Tax Cuts and Jobs Act (TCJA), signed into law in 2017, has brought about significant changes in the US tax landscape, impacting businesses and individuals alike. One of the most notable changes introduced by the TCJA is the Qualified Business Income (QBI) deduction. This new tax provision has raised questions about the continued relevance of S-Corporation (S-Corp) elections for small businesses. In this blog post, we will examine the impact of the QBI rule changes on S-Corp elections and whether they still make sense in the current tax environment.
Continue reading...When Are Tax Extensions Due?
First thing’s first. An extension to file is NOT an extension to pay (unfortunately). This myth is one that I find surfacing for a number of clients who come to me after filing extensions on their own.
Continue reading...How to File Hawaii GE Tax
There are a few steps to make sure you’ve completed before you can file your periodic GE reports. First, you need a GE Tax License Number. You can apply for this (alongside your articles of organization with Hawaii) via the state website. This article gives steps on applying for and filing Hawaii GE Tax.
Continue reading...How Do I Avoid an Audit?
Ah, the age-old question. Perhaps nearly as old as time itself, or at least, as old as the IRS. By the way, Abe Lincoln formed the IRS in the middle of the Civil War – 1862 to be exact.
What better way to knock your opponents into submission than instill a new method to track their profits and tax them accordingly? Okay, I’ll spare you the diatribe against “the man,” and hone in on why you’re here – to avoid an IRS audit!
Avoiding an audit isn’t an exact science – it involves managing risks
Continue reading...How to File Articles of Organization in Colorado
Colorado charges $50 to file and $10 for the annual report
This provides one of the lowest price-points for single-owner LLCs. To see the filing and annual fees for other states, see this page.
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