If you’re a business owner with no employees and prefer the long-term benefits of Roth-style retirement savings, the Mega Backdoor Roth strategy may be one of the most powerful tools available to you. It allows for contributions far beyond the limits of a traditional Roth IRA, potentially up to $70,000 in 2025, or $77,500 if […]
A Powerful Retirement Strategy for Solo Business Owners Read More »
The tax code has a way of surfacing in places you might not expect especially when it comes to hiring help around the house. One commonly overlooked area is the nanny tax, which can apply even in temporary or informal household arrangements. If you’ve hired a nanny, caregiver, housekeeper, or similar household worker even on
A Hidden Liability for Household Employers – The Nanny Tax Read More »
If you own a vacation home or second property that you rent out, even part-time, there is a recent tax court case worth your attention. It serves as a clear reminder of how important proper documentation and proactive planning are when it comes to rental property deductions. Let’s review what happened and how you can
This Tax Court Case Could Save You Thousands Read More »
If you formed an S corporation to save on self-employment taxes, your salary is a crucial part of that strategy. But how do you know if your S corporation salary is correct? If your salary is: Too low – you could face penalties and back taxes. Too high – you might be overpaying in payroll
Are You Paying Yourself the Right Amount? Read More »
Tax season can feel like a juggling act, even more so when unexpected surprises show up in your mailbox. One common culprit? A Form 1099-NEC that reports more income than you actually received. Sound familiar? You’re not alone. At BASC Expertise, we regularly help clients deal with this frustrating situation. And while it can be
Received a 1099-NEC That Overstates Your Income? Read More »
As a small business owner, you’re always looking for ways to save money, whether it’s on operations, taxes, or benefits for your employees. One option that has grown in popularity in recent years and could be a great fit for your business is the Health Savings Account (HSA). You may have heard of HSAs before,
Why Small Business Owners Should Consider Health Savings Accounts Read More »
What if you could turn your next vacation into a tax-deductible business trip? With some thoughtful planning, you can transform your travel expenses into a legitimate business deduction, giving you significant tax savings. Yes, you heard that right, airfare (even first-class), luxury hotel stays, and even cruise expenses could become deductible, depending on how you
Turn Your Next Vacation into Business Travel and Save on Taxes Read More »
What’s your worst tax nightmare? Identity theft? Not having enough to cover your tax bill? Or how about this: discovering that your CPA, enrolled agent, or tax preparer hasn’t filed your taxes for the past three years? That’s exactly what happened to Dr. Lee, a Florida surgeon who earned over $1 million annually. Dr. Lee’s
This is your Worst Tax Nightmare Read More »
Deciding to close down your S corporation is no small decision, and understanding the federal income tax implications is essential to ensure that you’re making the right moves. Whether you’re selling the stock or liquidating the assets, there are different tax rules to navigate. Let’s break down the two most common scenarios: stock sale and
The Tax Side of Closing Your S Corporation Read More »
 As a business owner, it’s essential to understand how tax laws treat business meals, especially with the complexities surrounding personal and business meal deductions. The Contradiction in the Tax Laws: Personal vs. Business Meals As you may already know, there’s a well-known contradiction in the tax laws when it comes to personal living expenses, specifically
Tax Implications of Business Meals: What You Need to Know Read More »
