All Posts

It’s that time of year again. The calm before the tax storm. Within the next month, a flurry of W-2s and other income reporting forms will be sent to the government and taxpayers. Amongst those reporting forms are 1099s. 1099s are one of the most mismanaged forms by business owners. This is largely due to the lack of awareness regarding the requirements. Hopefully, by the end of this post, you will have a better understanding of when Forms 1099 are required. Requirements As a

The holidays are the time for giving. Americans donated $592.5 billion in 2024 which was an increase of 6.3% over the prior year 1 . Even though that is a staggering stat, what’s even more impressive is that nonprofits generally raise between 24% and 47% of their total annual revenue during November and December 2 . Not only does charitable giving make us feel like we are making a difference in someone’s life, but it can also be a great tax deduction. Below are rules and limi

Here’s a fun topic that is generally not thoroughly researched by the public. If it was, I believe entries for sweepstakes and lotteries would be far less common. Still, the allure of winning that car, home, trip, or cash of your dreams is far too attractive to let some pesky thing like taxes come in between you and your newly found spoils. Right? Well, maybe it shouldn’t be. I’ll explain below.   Lottery I’ll start with the form of gambling that nearly everyone is aware of…s

Many items we buy for use in business can be expensed in the year purchased. This means the value of office supplies, some computers and furniture, and other items needed to operate a business can be placed on the profit and loss statement as an expense which reduces net income. However, not all items we buy are allowed to be expensed in the current year and must be capitalized. So, instead of being able to “write-off” the entire item as an expense, we must put the new asset

This post took entirely too long to get here. Alas, here it is. I have had plenty of people ask me whether switching from a single member LLC to an S Corporation is right for them. The answer will always be “it depends.” There are way too many variables to give a definitive answer in a quick five-minute conversation. The best way to know whether making the switch is right for you is to map out the difference in taxes and other costs between the two entities. For the purposes

State taxation isn't as simple as one might think. We attempt to break it down, here.

Five important changes for tax year 2025.

The Trump Administration passed new tax law in 2025.

The rundown on the State and Local Income Tax deduction cap workaround.

If you earn income, you (almost) always pay tax.

There's a new investment account for children. How does it stack up against 529 plans?

Understanding the transaction related to the sale of a principal residence.

A crash course on the basics of accounting.

Loans conceptually are quite easily to understand, but accounting for them may not be obvious.