MIND-your-MONEY

Did you hire a website designer, VA or a business coach this year? Well, your business may be required to issue a 1099. New for tax year 2020 is the form 1099-NEC (Non-Employee Compensation) replacing 1099-MISC box 7 NEC. 

Each January the IRS requires that each taxpayer who has made ...

New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. 

First, let’s look at the rules as they existed before this new IRS guidance. The CARES Act...

Tax day is here so let's keep it short and sweet. 

What's due today?

• Tax Returns for 1040 filers with Schedule C (Sole Prop, Single Member LLC, etc)
• Tax Payments from those returns
• Quarter 1 Estimated Tax
• Quarter 2 Estimated Tax

If your return has already been filed and you need to make a...

If you drive your personal car for your small business, you can deduct vehicle expenses in one of two ways: actual expenses or the standard mileage rate.

So which way is better for you? As always, it depends, so let's take a look so you can make a decision that's right for you.

Standard Mileage...