Entity choice is important for many reasons. Asset protection and tax considerations are always near the top of the list. As a business progresses through the five (5) phases of a life cycle: start-up, growth, maturity, renewal/rebirth/decline and succession– the factors that earlier prompted a particular choice of entity may change. And, a new entity choice may become more appropriate.

You wondered at the time whether it was a scam, right? And now you regularly see news reports about ERC scams. Employee retention credit scams, that is. And so, two questions. Did you get scammed? And if so, what should you do at this point? Fortunately, you can probably answer this question pretty easily.

On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023 into law. It reached the President's desk upon passage in the House by a vote of 225 to 201 on December 23. This followed passage in the Senate on December 22 by a vote of 68 to 29. The heavily negotiated omnibus legislative package includes all appropriations for the federal 2023 fiscal year. The Act does not include any major tax provisions or tax extenders. However, the omnibus bill does include the long-awaited SECURE 2.0 Act of 2022.

Consulting, freelancing, starting a side business, there’s a lot of talk about flashy terms like these nowadays. This week’s article from Forbes Advisor gets a little more into the weeds, offering a detailed look into the sole proprietorship, one of the simplest business entities you can form. It goes over the definition, tax benefits, and risks of a Sole Proprietor. No matter what type of business you are involved in, always know the taxes involved.

Welcome to the tax jungle, independent contractors! In this week’s tax tip we offer you a survival guide against the most dangerous of predators, the IRS. This article, provided by Forbes Advisor, instructs how to calculate the federal taxes you may be dealing with, including: self employment tax and income tax, and all the essentials you need to survive next tax season.

This week’s tax tip is for all of our traveling business people and the deductions you can get for business trips. Ironically, this week’s tax tip is brought to you by the very same people who want you to pay your taxes, the IRS! The article includes the various deductions one can list on their taxes due to business including food, gas, transportation tickets, and most importantly, how to document all of that so it is easy to file your taxes when the time comes.