2,121 plain-English guides on cross-border moves, US and Canadian returns, and small-business money. Each one ends in what to do next, and says when a written Diagnostic is the smarter first step.
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The overall individual audit rate is approximately 0.4%, but certain factors dramatically increase the odds: high Schedule C income with large deductions.
Small Business & BookkeepingThe IRS keeps its audit scoring formulas secret, but some Schedule C patterns draw questions: repeated losses, deductions out of line with income, and thin records.
Small Business & BookkeepingCommon Schedule C audit triggers: losses year after year, deductions out of line with income, cash businesses, 100% vehicle use, and records that can't back up the numbers.
Small Business & BookkeepingIRC 280A(g) allows homeowners to rent their home for up to 14 days per year without reporting the rental income. Augusta Rule mechanics: 1.
Small Business & BookkeepingThe standard mileage rate for 2025 is 70 cents per mile. The actual expense method deducts fuel, insurance, repairs, depreciation, and registration.
Tax PlanningHigh-income business owners can use the backdoor Roth IRA strategy to contribute to a Roth IRA regardless of income. Covers key rules, filing.
Tax PlanningHigh-income business owners blocked from direct Roth contributions can use the backdoor Roth IRA. Step-by-step mechanics and the pro-rata trap.
Small Business & BookkeepingIf a contractor doesn't give you a valid TIN on Form W-9, you must withhold 24% of every payment as backup withholding and report it to the IRS on Form 945.
Small Business & BookkeepingBackup withholding under IRC 3406 requires payers to withhold 24% of certain payments (interest, dividends, rents, royalties, commissions.
Small Business & BookkeepingA business bad debt is deductible when the amount owed becomes uncollectible. Accrual-basis businesses deduct bad debts; cash-basis businesses.
CFO & AdvisoryBusiness bankruptcy creates significant tax consequences that differ based on the chapter filed. Business bankruptcy triggers a complex set of tax.
Small Business & BookkeepingBartered services and goods are fully taxable at fair market value. How to report barter income, handle 1099-B from exchanges, and avoid mistakes.
Small Business & BookkeepingThe IRS taxes bartering at fair market value. If you trade services worth $5,000 for goods worth $5,000, you each report $5,000 in income.
Small Business & BookkeepingBartering (exchanging goods or services without cash) creates taxable income equal to the fair market value of what is received.
Small Business & BookkeepingBartering is taxable income at fair market value even when no cash changes hands. How trade exchanges, 1099-B reporting, and SE tax apply.
Small Business & BookkeepingIRC 7872 treats a loan below the applicable federal rate as if interest were charged: a gift, wages or a dividend plus interest, depending on who lends. Exceptions and examples.
Small Business & BookkeepingThe Corporate Transparency Act requires most LLCs and corporations to report their beneficial owners to FinCEN. BOI reporting requirements: 1.
Small Business & BookkeepingBoth bonus depreciation and Section 179 allow full expensing of asset purchases, but they have different limitations, requirements, and use cases.
Small Business & BookkeepingBoth Section 179 and 100% bonus depreciation allow full first-year deduction of asset costs, but they differ in loss treatment, income limits.
Small Business & BookkeepingProper bookkeeping starts with a chart of accounts that matches IRS expense categories on Schedule C. Schedule C expense categories (the tax return drives.
Small Business & BookkeepingThe IRS requires adequate records to support income, expenses, and deductions. Minimum bookkeeping requirements for tax compliance: 1.
Small Business & BookkeepingSmall business owners must track expenses in the correct categories to maximize deductions and prepare for tax filing. The Schedule C expense categories.
Small Business & BookkeepingDIY bookkeeping with QuickBooks or Wave works for simple businesses under $200,000 in revenue with few transactions. When to DIY vs.
Small Business & BookkeepingWhen a C-Corp converts to S-Corp status, any unrealized appreciation in the corporation's assets at the time of conversion is subject to the built-in.