The U.S. operates under a “pay as you go” tax system, meaning income taxes must be paid to the IRS throughout the year as income is earned. These payments can be made through withholding, estimated tax payments, or a combination
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
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
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
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
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
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
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
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
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
