Your weekly dose of financial clarity, insights, and strategy.
On June 21, 2021 the IRS recorded a Seattle landscape architecture firm as owing no payroll tax for the first quarter of that year. The firm had reported $121,003 on that…
There is a real rule that lets you rent your home to your own business for up to 14 days a year and pay no federal tax on the rent. Three owners of a Planet Fitness franc…
Two customers buy the same $110 shirt off the same rack this month. Each one gets $15 off. One of those sales is taxable and the other is exempt, and nothing either custo…
The federal government will put $1,000 into a savings account for a child born after December 31, 2024 and before January 1, 2029. That is the piece of the new Trump acco…
The One Big Beautiful Bill Act has one number everyone quotes: the SALT cap, which jumped from $10,000 to $40,000 for 2025. In New York or New Jersey that headline earns …
Starting with payments made after December 31, 2025, the threshold that obligates a business to issue a 1099 on contractor pay and rent is $2,000, up from $600. Congress …
Starting with tax years that begin in 2026, gambling losses are deductible at 90 cents on the dollar. The missing dime means a gambler who breaks even for the year, winni…
In the most recent year the IRS counts as settled, it examined about 0.3% of individual returns, three in a thousand. For most business owners, the fear of an audit is ru…
"I'm going to form an LLC to save on taxes." Owners say it the way they'd say they're switching banks, as if registering the company by itself changes what they owe. It d…
Plenty of owners are told that electing S-corp status removes self-employment tax. They file an S election expecting to save the full 15.3%. At lower profit levels, most …
No noise, no spam. Sourced tax & accounting insights for owners.
One clear, sourced idea on tax and accounting for owners. No noise, no spam.