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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|0 Comments

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!)

Things I Wish Clients Understood: Taxes Are Hard and Sometimes I Need to Just Get Away

This is a followup to the post I wrote last week about trends I see in the tax field and in dealing with clients. Warning, this is a cynical ... but honest, post. I have [...]

By | August 5th, 2019|Categories: Potpourri of Tax Topics|Comments Off on Things I Wish Clients Understood: Taxes Are Hard and Sometimes I Need to Just Get Away

Trends I Am Noticing in the Tax Field

I can't believe it's been 6 months since I last blogged. Tax season hit, various things happened in my life, I didn't have time to write articles, and now here we are. This is a [...]

By | July 22nd, 2019|Categories: Potpourri of Tax Topics|Comments Off on Trends I Am Noticing in the Tax Field