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Hopefully, you have had a chance to read the blog I wrote about understanding self-employment tax.  It’s important to understanding this article and it initially introduces the concept of the S-election. In the previous article, I mention that self-employment tax is the Government’s way of making sure people who are self-employed and not on payroll

I received a compliment today. I am a CPA who goes by the book. Unfortunately, it was not meant to be a compliment. I was approached by someone today who was letting me know how someone else (they wouldn’t tell me who) out there is portraying me. Apparently, I’m by the book, but this other

My Heros As mentioned in a recent blog article, it’s been a rough tax season.  I mean, really rough.  Absolutely brutal. The demographic that makes up the largest portion of my clientele is the mid to upper middle-class earners.  Every day, I am breaking bad news.  Yesterday alone, I had to break $20K worth of

I’ve worked on taxes for a few weeks now and have found four common situations: 1 – Simple Taxes, Part 1 These people are used to getting BIG refunds, much to my dismay.  They always qualify for EIC and full child tax credits.  This year, their refunds are not as big as they are accustomed,

D      As we all know, the holidays can be very difficult for those who experiencing the holidays with out a loved one for the first time. Unfortunately, the first tax season after such a heart-breaking event can be even more difficult.  Doing a deceased loved ones’ taxes is one of the most difficult things I

If you are anything like me, the holidays being only days away also signifies that tax season is barreling towards us like a freight train.  There is no stopping that bad boy! Most people stave off preparing for tax season until after the holidays, but I would posit this just elongates the season of stress. Here

  Doing It All Costs You Money Seven years ago, almost exactly, I became a small business owner.  Oh my goodness!  I had no idea what I was really getting myself into, and I’m an accountant!  Except, I was no longer just an accountant.  I was a salesperson.  I was an administrator.  I was a

Understanding Self-Employment Tax   Ah, self-employment tax…  Something that many business owners have to deal with if they are lucky enough to be profitable but have very little understanding of what it is or why they must pay it.  Consider this your crash course on self-employment tax, what it is, and what it costs. What