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What I Mean When I Say “Consult an Attorney”

By | May 22nd, 2017|Categories: Small Business Tax and Accounting|Tags: , |

I don’t recommend a small business hold an attorney on retainer. But I DO recommend that a small business have a relationship with an attorney that they can call on when the need arises.

If Newly Self-Employed, Beware of Self-Employment Tax

By | May 18th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , |

Self-employment tax is the bane of existence for many sole proprietors. And it’s often a surprise to people who are new to self-employment -- they file their tax return and find out that things often turn out much differently when you’re self-employed.

Glossary: Non-Deductible IRA Contributions

By | May 16th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

A non-deductible IRA contribution refers to money put into a traditional IRA, for which the taxpayer does NOT get a tax deduction.

Hiring Employees: Is it a Want or a Need?

By | May 12th, 2017|Categories: Small Business Tax and Accounting|Tags: , , |

Image courtesy of user "Geralt" on Pixabay.com One time I was helping a small business owner who was going through a rough time with her business. It was leaking cash, she was taking almost nothing out for herself, and she was burned out. Her business only took in about $50,000, but somehow she had [...]

Basics of the Iowa Pension Exclusion, Part 2

By | May 10th, 2017|Categories: Potpourri of Tax Topics|Tags: , , |

When married taxpayers file separate tax returns, the $12,000 pension exclusion might need to be allocated.