To get my complete, FREE articlewith all the details… Do you use a home for both rental and personal use? Then I urge you to read the full article right now. Why? Because I’ll explain the complicated IRS rules that determine how much tax you’ll have to pay. Home sweet vacation home. When you use a home for both rental and personal use, the IRS considers it … [Read more...]
Case Study: Employee Retention Credit for the Start-Up Business
To get my complete, FREE articlewith all the details… Did you start a new business after February 15, 2020? If yes, then you may be eligible for a hefty “employee retention credit” (ERC). And what an ERC! The credit is worth up to $100,000 for the third and fourth calendar quarters of 2021! A case study: How Henry and Heide came out winners.And how you can come … [Read more...]
Is Your Sideline Activity a Business (Good) or a Hobby (Bad)?
To get my complete, FREE articlewith all the details… Do you operate a sideline business that produces tax losses? Are they tax losses that you deduct on your Form 1040? Then be prepared to prove to the IRS that your money-losing sideline business is a valid business and not a hobby.You see, if the IRS can claim that your sideline business is simply a hobby, you … [Read more...]
When is a Partner in a Partnership Considered a 1099 Worker?
To get my complete, FREE articlewith all the details… Can you answer these two important questionsabout your partnership agreement?… Does your agreement spell out exactly when a partner can deduct unreimbursed partner activity (UPE)?Is your agreement crystal clear about when your partnership can treat some partner activity as if the partner were a 1099 worker? Why is … [Read more...]
Available Tax Credits for Schedule C Business Owners with Employees
To get my complete, FREE articlewith all the details… If you’re running a Schedule C business,Uncle Sam has some good news for you! Thanks to your rich uncle, there are eight valuable tax credits that you may be eligible for when you have employees or hire employees to work in your Schedule C business. And you may be able to claim more than one! Here are the eight … [Read more...]