364 plain-English guides on us tax, each one ending in what to do next.
Page 15 of 16, newest first.
A bottle of water sold at a restaurant is taxable in states where prepared food is taxable, but exempt in states where non-prepared beverages are exempt.
US TaxWhich restaurant pre-opening costs are deductible immediately, which must be amortized over 180 months under IRC 195, and which are capital expenditures.
US TaxRestaurants with 10 or more tipped employees must file Form 8027. If reported tips fall below 8% of gross receipts, the IRS requires tip allocation.
US TaxTraditional rentals go on Schedule E. The default for rental real estate income is Schedule E, where it is not subject to self-employment tax.
US TaxA self-directed IRA can buy real estate, but if the IRA uses a mortgage (non-recourse debt) to fund the purchase.
US TaxA short-term rental with an average stay of 7 days or less is not a rental activity for passive loss rules.
US TaxAn owner-operator's bookkeeping determines the tax bill, the audit risk, and whether they know if they're making money.
US TaxThe entity choice changes how much self-employment tax an owner-operator pays and how much liability protection exists.
US TaxIf you own or operate a truck with a taxable gross weight of 55,000 pounds or more, the IRS wants a Form 2290 from you every year.
US TaxOwner-operators pay federal excise tax on every gallon of diesel. On top of that, every state levies its own fuel tax, and the rates vary wildly.
US TaxOwner-operators are high-audit-risk taxpayers. Large deductions, cash operations, and per diem claims put truckers on the IRS radar.
US TaxHow the IRS classifies your truck lease as a true lease or conditional sale, and why the answer controls whether you deduct payments, depreciation.
US TaxThe full list of owner-operator tax deductions, how per diem works, when actual expenses beat the standard mileage rate, and what records the IRS expects.
US TaxHow taxes work for W-2 company drivers versus 1099 owner-operators, what each side can deduct, and what changes when you switch from one to the other.
US TaxSelf-employed truckers can shelter $60,000 or more per year from tax with the right retirement plan.
US TaxEach mechanism has different dollar limits, different income limitations, and different consequences when you eventually sell or trade the truck.
US TaxWhen a business withholds federal income tax, Social Security, and Medicare from employees' paychecks but does not send those withheld amounts to the IRS.
US TaxWhen you bill the federal government for costs incurred on a contract, the government does not pay for everything.
US TaxThe bank is required to hold the funds for 21 calendar days before sending them to the IRS. That 21-day window is your window to act.
US TaxA CP2000 is not an audit. It is not a bill. It is a proposed adjustment from the IRS's Automated Underreporter (AUR) program.
US TaxCurrently Not Collectible (CNC) is an IRS designation that pauses all collection activity on your account.
US TaxThe IRS first-time abatement waives failure-to-file and failure-to-pay penalties if you have a clean three-year history.
US TaxThe four types of IRS installment agreements, which one fits your balance, the setup fees, and the traps that extend your debt.
US TaxAn Offer in Compromise lets you settle an IRS tax debt for less than the full amount owed. That much is true.