Sole Proprietors, PPP Loans and Home Office Expenses
(Warning: if you are trying to read this on a computer, you may get my logo blocking your view when you start to scroll; I have a web-person working on a fix; this doesn’t seem to be happening on...
View ArticleMaking IRA Contributions After the End of the Year: Good or Bad?
I usually advise my clients against making IRA contributions for the prior year after the year has ended. Let’s back up. What are we even talking about here? IRA Contributions After Year-End A...
View ArticleThings I Learned About Taxes this Week: September 4, 2020
I have decided to make this a running feature on my blog, to show just how hard taxes are. I am regarded as a “tax expert” and present CPE courses to other tax pros almost every day. Yet I learn new...
View ArticleRetirement Withdrawals, Home Purchases and the 10% Early Withdrawal Penalty
If you take money out of a retirement account to buy a house (for example to make a down payment), you can avoid the 10% early withdrawal penalty … but only on IRA withdrawals. The rules on...
View ArticleRevisiting W-9s, 1-Person LLCs and EINs
I wanted to revisit the subject of 1-person LLCs and employer identification numbers. Here are the basics, when a 1-person LLC is taxed as a sole proprietorship: The IRS says to put the proprietor’s...
View ArticleAre Estimated Tax Payments Required?
A common question people ask is, am I required to make quarterly estimated tax payments? I guess the best answer is: “sort of.” It’s not a matter of you “must,” but there are penalties for not doing...
View ArticleSUTA and the Single-Member LLC
This blog post is specific to Iowa. SUTA = state unemployment tax. In Iowa, when a 1-person LLC makes an election to be taxed as an S-corporation and pay the owner a salary, the salary is NOT...
View ArticleMy Tax Reform Wish List: Instantaneous Audits
First of all if one were to really dig into ways to reform the tax system in this country, there are MANY things one could come up with. This particular wish of mine is 1) not the most important...
View ArticleWhat to Do When Your Ex Wrongly Claims the Kids
When it comes to divorce and taxes, the IRS cares about who the custodial parent is. Custodial = who has custody of the kids more nights out of the year. Note: many people say “well we have joint...
View ArticleWhat Millennial Business Owners Want, And Seem to be Willing to Pay For!
The bookkeeping software company Xero recently released a report, available here, which shows that “millennial” business owners are unhappy with their accountants — 50% are unhappy and are looking to...
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