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Self-Employment Tax Calculation When Income is Over the Social Security Wage Base

How does the calculation for self-employment tax work when self-employment income is over the Social Security Wage Base? Let's take a look. Basic Calculation When self-employment income is below the Social Security Wage Base, the [...]

By | December 4th, 2019|Categories: Potpourri of Tax Topics|0 Comments

The Iowa Form 130

Iowa Form 130 is used by Iowa residents who pay tax on income to both Iowa and another state. Here are some examples of how it works. Form 130 Example Let's say Alex lives in [...]

By | November 20th, 2019|Categories: Potpourri of Tax Topics|Comments Off on The Iowa Form 130

Do I Lose the Tax Deduction if I Don’t Issue a 1099?

Question: if I don't issue a contractor a 1099-MISC for their work, will I lose the ability to take a tax deduction for that payment on my business tax return? Answer: NO!!! But sometimes IRS [...]

By | November 6th, 2019|Categories: Potpourri of Tax Topics|Comments Off on Do I Lose the Tax Deduction if I Don’t Issue a 1099?

S-Corporation Loans from Shareholders, Or “My Dentist Told Me”

Last fall I was meeting with a prospective client who was starting a small business. The business had just $10,000 of income in 2018, and would maybe have $30,000 of income in 2019. She was [...]

By | October 23rd, 2019|Categories: Potpourri of Tax Topics|Comments Off on S-Corporation Loans from Shareholders, Or “My Dentist Told Me”

Do I Have to Issue 1099s for “Business to Business Transactions”?

(NOTE: I have been terrible about writing posts this year; I am finally back at a point of being able to blog again, so you'll see posts more often from me. And if this post [...]

By | October 17th, 2019|Categories: Small Business Tax and Accounting|Tags: , |Comments Off on Do I Have to Issue 1099s for “Business to Business Transactions”?

How to Fill Out Form W-9 (Most 1-Person LLCs Are Probably Doing it Wrong!)

This post is part of a larger presentation I give on the topic of Form 1099-MISC and related topics. Form W-9 is one of those "related topics." Form W-9 comes into play when a business [...]

By | August 7th, 2019|Categories: Small Business Tax and Accounting|Tags: |Comments Off on How to Fill Out Form W-9 (Most 1-Person LLCs Are Probably Doing it Wrong!)