1,454 plain-English guides on us tax, each one ending in what to do next.
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A nonprofit owes 21% on net income from a regular business unrelated to its purpose, after a $1,000 deduction.
US TaxReal Estate Professional Status (REPS) removes the per-se passive classification that IRC 469(c)(2) applies to all rental activities.
US TaxA wholesale assignment fee is ordinary income, not a capital gain. The dealer classification triggers self-employment tax and blocks 1031 exchanges.
US TaxFood cost and prime cost determine whether a restaurant makes money. A restaurant that does not know its food cost percentage weekly is flying blind.
US TaxMost restaurants that close are profitable on paper but run out of cash. Here is how to build a weekly cash flow forecast and manage seasonal swings.
US TaxMost restaurants start as an LLC. When net income exceeds $60,000-$80,000, an S-corp election can save self-employment tax.
US TaxRestaurants waste 4-10% of purchased food before it reaches a plate. Here is how to track inventory, account for waste, and deduct spoilage losses.
US TaxThe lease is a restaurant's largest fixed cost after labor. The base rent is the number that appears in the listing.
US TaxHow the tip credit, tipped minimum wage, and overtime rules work for restaurant payroll, with common mistakes and state-by-state differences.
US TaxA 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 TaxFederal agencies report their performance against these goals annually, and procurement officers face real pressure to meet them.
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.