by hello@thatssmartbusiness.com | Aug 10, 2022 | Uncategorized
Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income. The IRS is concerned that you and millions of Americans are using crypto without paying tax...
by hello@thatssmartbusiness.com | Aug 3, 2022 | Uncategorized
You have read horror stories about how the IRS audits business owners and deems their 1099 independent contractors W-2 employees—and then assesses tens (or hundreds) of thousands of dollars in back payroll taxes, interest, and penalties. Are you one of those...
by hello@thatssmartbusiness.com | Jun 27, 2022 | Uncategorized
Working at a tender age is an American tradition. What isn’t so traditional is the notion of kids contributing to their own IRA, especially a Roth IRA. But it should be a tradition, because it’s a really good idea. Here’s what you need to know about IRAs for kids....
by hello@thatssmartbusiness.com | Jun 1, 2022 | Uncategorized
When you own more than one business, you need to consider the grouping rules that apply for passive-loss purposes. Should one of your businesses lose money, you may not deduct the losses from that business during the current tax year unless you materially participate...
by hello@thatssmartbusiness.com | May 17, 2022 | Uncategorized
If the average period of rental is less than 30 days, you likely have a choice—either claim the income and expenses on Schedule C, or claim the income and expenses on Schedule E. When Is Schedule C a Good Choice? If you show a tax loss on your rental property,...
by hello@thatssmartbusiness.com | May 5, 2022 | Uncategorized
How do you multiply your net worth? Let the government help. (Stay with me here!…) Here’s how: with both the SEP IRA and the solo 401(k) retirement plans, your investment in your tax-favored retirement… · creates tax deductions for the money you...
