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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: , |0 Comments

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: |0 Comments

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|0 Comments

Retirement Withdrawals, Home Purchases and the 10% Early Withdrawal Penalty

If you take money out of a retirement account to buy a house (for example to make a down payment), you can avoid the 10% early withdrawal penalty ... but only on IRA withdrawals.  The [...]

By | September 9th, 2020|Categories: Potpourri of Tax Topics|Tags: , |Comments Off on Retirement Withdrawals, Home Purchases and the 10% Early Withdrawal Penalty

Things I Learned About Taxes this Week: September 4, 2020

I have decided to make this a running feature on my blog, to show just how hard taxes are. I am regarded as a “tax expert” and present CPE courses to other tax pros almost [...]

By | September 4th, 2020|Categories: Editorial Commentary|Comments Off on Things I Learned About Taxes this Week: September 4, 2020

Making IRA Contributions After the End of the Year: Good or Bad?

I usually advise my clients against making IRA contributions for the prior year after the year has ended. Let’s back up. What are we even talking about here? IRA Contributions After Year-End A taxpayer who [...]

By | September 3rd, 2020|Categories: Potpourri of Tax Topics|Comments Off on Making IRA Contributions After the End of the Year: Good or Bad?