Category: Featured

A business may sell one or some of its properties for several reasons. It can be for asset retirement, technology upgrading, or just possible cash inflows. Regardless of the reason, there are tax implications and IRS guidelines that must be observed in selling a business asset. The IRS rules differ based on the property category… Continue reading Let’s make a deal! Sale of Business property  

As per IRS (Internal Revenue Service), depreciation is a tax deduction that recovers the cost of your fixed assets over time as you use it for your business. It is also a way to gradually enjoy its relative tax benefit since depreciation also decreases your overall tax liability on your annual return. In this blog,… Continue reading Depreciation: Methods and MACRS 

As a rule, you must capitalize the costs of fixed assets, intangible assets, and major improvements in your balance sheet instead of claiming it as a full deduction in your tax return. However, this doesn’t mean that you won’t be able to recover the costs of your investments. You can still benefit from that tax… Continue reading Depreciation and Amortization: A Tax Deduction for Your Business 

For a business expense to be deductible, it must be an ordinary and necessary cost incurred in the conduct of operating your business, trade, or profession. However, there are expenses that are ordinary and necessary but cannot be deducted in the current tax period. These are the capital expenses. What is a Capital Expense? A… Continue reading Capital Expenses: What You Need to Know

Many have shifted to being self-employed, especially after the pandemic has impacted their way of living. Independent contractors, freelancers, and gig workers have been dominating the work force ever since people discovered how liberating it can be to work whenever and wherever they want to.  Although operational costs are inevitable when running a business, as… Continue reading Home Office Deduction for the Self-Employed

The option to choose between a Roth and Traditional Solo 401(k) gives the self-employed or one-person businesses the opportunity to maximize their savings for the future. Both retirement options provide tax benefits but with timing difference. What is a Solo 401(k)? A Solo 401(k), also called Uni-k or One-Participant 401(k), is a retirement savings plan… Continue reading Roth vs Traditional Solo 401(k): Which is Right for You?

The gig economy or freelancing world is incredibly attractive as it offers flexibility, autonomy, work-life balance, and the opportunity to be your own boss!  However, being self-employed or an independent contractor does not give you access to an employer-sponsored retirement plan, thus the responsibility of securing a comfortable retirement falls solely on your shoulders. Fortunately,… Continue reading Retirement Plans for Independent Contractors and Solopreneurs

Self-employed individuals, locum tenens professionals, and small business owners manage their own retirement plans to secure their future. However, staying compliant with the Internal Revenue Service (IRS) requirements for retirement plans is just as important as maximizing your retirement savings to avoid unnecessary penalties. Let us guide you as we discuss the IRS Form 5500-EZ… Continue reading IRS Form 5500-EZ: Filing and Late Penalty Relief Program

Contract Corporate Flight Attendants (CFAs), being independent contractors, not only get a lot of exciting experiences in the world of corporate aviation but they also enjoy the freedom to choose their clients and the flexibility in accepting flight schedules. They wouldn’t have to worry about missing an important life event or family occasion because of… Continue reading A Closer Look on Self-Employment Taxes for Contract Corporate Flight Attendants

Training is a must for those who want to be a flight attendant. But the question of when and where to receive such training depends on the type of flight attendant you want to be. The ones who intend to work for a commercial airline will receive their training from the airline company that hires… Continue reading Training for Contract Corporate Flight Attendant: Deductible?