The other day we received a question from someone that experienced self-employment tax for the first time. They were frustrated with how high the number was, and they were wondering if there were any solutions to this problem.
As we’ve mentioned before, through our content, their is the route of opening an S-Corporation for your business because it eliminates that self-employment tax as well as lowers your audit risk.
Well you might be wondering if this applies to you as an independent contractor working exclusively for one company.
If you are an independent contractor that works for a company and…
Everyone loves to write off meals, but not everyone knows exactly what you need to have documented so those business meals hold up in an audit! Every business meal receipt should have 5 items. The first three are already on the receipt: 1. The name of the restaurant 2. The date of the meal 3. The total amount of the meal The last two are NOT on the receipt: 4. Who you met with 5. What was the business purpose for the meal I’d recommend writing the last two down on the receipt at the restaurant while they’re fresh in…
This a fan favorite! Our client’s love being able to make their vacations tax deductible. Especially because they are able to mix work with play.
The number on thing that you want to do to take full advantage of this tax tip is find a business purpose for that trip.
If you are in real estate then it is easy because you could just be looking for deals on homes. However, if you are an owner of a different kind of business you might need to get more creative in order to find a business purpose for that trip.
Family first 👨👩👧👦. A CPA sharing tax tips 📈. Be sure to check with your CPA if these tips work for you 🤓.