Category: Featured

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?

Managing finances and navigating the intricate world of taxes can be a challenging task for professionals of any field including those in the contract flight attendant industry. Having a clear understanding of your finances and tax situation will not only give you peace of mind while you’re 30,000 feet above the ground but also maximize… Continue reading Pre-Flight Check: Contract Flight Attendants

When it comes to getting a vehicle for business, owners often face a dilemma: should they buy the car under the business name or as a personal vehicle? This decision can have significant financial implications and needs careful evaluation. The vehicle’s ownership type and business use can have significant effect on the business deductibility of… Continue reading Vehicle for Business Use: Company Car or Personal?

The business use of vehicles is a common practice across various industries. And the Internal Revenue Service (IRS) allows businesses to deduct vehicle-related expenses that were incurred for its trade or business, lowering the taxable income that ultimately results in tax savings. There are two methods to compute for the business use of vehicle, the… Continue reading Calculating Business Use of Vehicles: Understanding Standard Rate and Actual Expense Method

The US tax system requires you to pay taxes-as-you-go or as income is earned – either through withholding, estimated quarterly payments, or a combination of both. If you fail to pay the correct amount of taxes throughout the year, the Internal Revenue Service (IRS) may send you a penalty notice for tax underpayment.  What is… Continue reading Underpayment of Estimated Tax Penalty: What You Need to Know and How to Avoid It

Most of us think that our homes and cars are our most valuable assets, which is why we get insurance for these. However, our most important asset is not among these material things but in our ability to earn income for our living.  Imagine this: you are at the height of your career, pursuing your… Continue reading Disability Insurance: Safeguard Your Future

Most individuals believe that estate planning is just for the wealthy or elderly. However, regardless of your wealth or age, estate planning is an important part of financial management to protect your loved ones, safeguard your hard-earned assets, and secure your future. Whether you are in the process of building your career or starting a… Continue reading Estate Planning 101: A Beginner’s Guide