On paper, your business looks great. Profit is up. Clients are happy. You are finally sleeping at night. Then tax season hits. Suddenly, your accountant says you owe more than expected. A lot more. And you are wondering how you made $150K but feel broke. Welcome to the world of book-to-tax differences, where your financial […]
Book-to-Tax Differences Are Why Your $150K Profit Feels Like $5 Read More »
Most IRS rules feel like a trap. This one is not. A Safe Harbor Rule is the IRS saying, “If you follow this method, we won’t question you.” No guesswork. No gray areas. Just a straightforward way to stay compliant, avoid penalties, and get back to work. A Simple Example Home office deduction. The complicated
The IRS Hates Surprises. So They Made the Safe Harbor Rule to Keep You Out of Trouble. Read More »
Alright, deep breath. If April 15 came and went while you were binge-watching just one more episode, or maybe you thought you filed… but didn’t… do not worry. You are not the first. You definitely will not be the last. And no, the IRS will not send a SWAT team to your door. Here is
Running a business is chaotic. Clients, staff, sales, problems… all of it stacks up. Then suddenly it is mid-April and you haven’t touched your taxes. The good news? You can get six extra months to file. It is called Form 4868 for individual returns, and Form 7004 if you have a C corporation. Both take
Too Busy for Taxes? File This Before the IRS Eats You Alive Read More »
Most people think taxes are just about paying. But tax breaks? That is where the game changes. These are the legal tools that let you pay less and yes, the IRS is totally fine with it. So what are tax breaks? They are rewards for doing things the government wants you to do like saving
How to Pay the IRS Less Without Going to Jail Read More »
Today, we are diving into a topic that sounds like something you would find in your kitchen. But trust us, it belongs in your tax plan: the SALT deduction. What Is the SALT Tax Deduction? SALT stands for State and Local Taxes. Yes, not nearly as tasty as French fries, but way more important come
SALT Tax Deduction – No, Not the Kind You Sprinkle on Fries Read More »
You make money. The government wants some. That is income tax in a nutshell. Every time you earn, whether from a job, running your business, freelancing, or selling vintage sneakers online, the IRS is in the background, waiting for their share. And no, they are not exactly subtle about it. But income tax is not
You Work Too Hard to Hand the IRS Extra Cash Read More »
Estimated tax penalties are the worst. They are like the surprise jalapeño in your burrito… unexpected, painful, and always followed by regret. If you are a business owner, freelancer, or anyone who does not get taxes pulled from a regular paycheck, you’ve probably been told to pay estimated taxes four times a year. And if
Hate IRS Quarterly Payments? Here Is How to Make Them Disappear (Legally) Read More »
Let’s talk about something that sounds boring but is actually kind of important: IRS quarterly tax payments. If you are self-employed, run a business, or have income that does not have taxes automatically withheld (looking at you, side hustlers and freelancers), then yes… you are supposed to pay the IRS every quarter. Why? Because the
Pay the IRS Quarterly… or Pay Them Extra Later Read More »
You filed your taxes. You are expecting a refund. Now you are stuck wondering when that money is going to show up. Here is how to track it without obsessively hitting refresh like it’s a race. Step 1: Know the timeline If you e-filed and used direct deposit, refunds usually take about 21 days. Filed
How to Track Your Tax Refund Without Refreshing the IRS Website 87 Times a Day Read More »
