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What Millennial Business Owners Want, And Seem to be Willing to Pay For!

The bookkeeping software company Xero recently released a report, available here, which shows that "millennial" business owners are unhappy with their accountants -- 50% are unhappy and are looking to switch to someone else, 33% [...]

By | October 16th, 2020|Categories: Editorial Commentary|0 Comments

What to Do When Your Ex Wrongly Claims the Kids

When it comes to divorce and taxes, the IRS cares about who the custodial parent is. Custodial = who has custody of the kids more nights out of the year. Note: many people say "well [...]

By | October 1st, 2020|Categories: Potpourri of Tax Topics|Tags: , |Comments Off on What to Do When Your Ex Wrongly Claims the Kids

My Tax Reform Wish List: Instantaneous Audits

First of all if one were to really dig into ways to reform the tax system in this country, there are MANY things one could come up with. This particular wish of mine is 1) [...]

By | September 29th, 2020|Categories: Editorial Commentary|Comments Off on My Tax Reform Wish List: Instantaneous Audits

SUTA and the Single-Member LLC

This blog post is specific to Iowa. SUTA = state unemployment tax. In Iowa, when a 1-person LLC makes an election to be taxed as an S-corporation and pay the owner a salary, the salary is [...]

By | September 23rd, 2020|Categories: Small Business Tax and Accounting|Tags: , |Comments Off on SUTA and the Single-Member LLC

Are Estimated Tax Payments Required?

A common question people ask is, am I required to make quarterly estimated tax payments? I guess the best answer is: "sort of." It's not a matter of you "must," but there are penalties for [...]

By | September 17th, 2020|Categories: Potpourri of Tax Topics|Tags: |Comments Off on Are Estimated Tax Payments Required?

Revisiting W-9s, 1-Person LLCs and EINs

I wanted to revisit the subject of 1-person LLCs and employer identification numbers.  Here are the basics, when a 1-person LLC is taxed as a sole proprietorship:  The IRS says to put the proprietor’s name [...]

By | September 15th, 2020|Categories: Small Business Tax and Accounting|Comments Off on Revisiting W-9s, 1-Person LLCs and EINs