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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E-commerce sellers face unique tax challenges: multi-state sales tax nexus, inventory accounting, 1099-K reporting from payment processors.
Small Business & BookkeepingEIDL loan proceeds are not taxable income. Interest is deductible as a business expense. If forgiven (rare for EIDL), the cancellation may be taxable.
Small Business & BookkeepingSince the Supreme Court's 2018 Wayfair decision, states can require remote sellers to collect sales tax once they exceed economic nexus thresholds.
Small Business & BookkeepingThe economic substance doctrine, codified in IRC 7701(o) by the Health Care and Education Reconciliation Act of 2010. The two-prong test (IRC 7701(o)): |.
Small Business & BookkeepingThe economic substance doctrine (codified in IRC 7701(o)) requires that a transaction have meaningful economic effects apart from tax benefits.
Small Business & BookkeepingThe economic substance doctrine, codified under IRC 7701(o), allows the IRS to disallow tax benefits from a transaction that lacks economic substance.
Small Business & BookkeepingBusiness-related education is deductible if it maintains or improves skills in the current business. Deductible (maintains or improves current skills):.
Small Business & BookkeepingEducation and training expenses are deductible as business expenses under IRC 162 when the education maintains or improves skills required.
Small Business & BookkeepingEducation expenses are deductible when they maintain or improve skills required in your current trade (Reg. 1.162-5). Education expense deductibility.
Small Business & BookkeepingMost businesses need an EIN from the IRS. Sole proprietors without employees can use their SSN but should get an EIN for bank accounts.
Small Business & BookkeepingThe ERC program ended for new claims as of January 31, 2024. Businesses that already filed ERC claims should check their status through the IRS processing.
Small Business & BookkeepingSmall businesses can offer tax-deductible benefits that cost less than equivalent salary increases: health insurance (100% deductible).
Small Business & BookkeepingISOs and NSOs have different tax timing and rates. NSOs are taxed as ordinary income at exercise; ISOs get capital gains treatment if holding periods.
Small Business & BookkeepingMisclassifying workers as contractors costs businesses back payroll taxes, penalties, and interest. The IRS three-category test and safe harbor rules.
Small Business & BookkeepingEmploying family members gives sole proprietors FICA exemptions for children under 18 and income-splitting benefits for spouses. The work must be real.
Small Business & BookkeepingHiring your children or spouse can save thousands in FICA taxes each year. Children under 18 working for an unincorporated parent pay zero FICA.
Small Business & BookkeepingEmployers must deposit federal employment taxes (income tax withholding, Social Security. Deposit schedule determination.
Small Business & BookkeepingEmployment tax penalties are among the harshest in the tax code. Late payroll deposits trigger 2-15% penalties. Employment tax penalty tiers: Late deposit.
Small Business & BookkeepingSmall businesses can claim tax credits for energy-efficient improvements under several provisions: the Clean Vehicle Credit (IRC 30D.
Small Business & BookkeepingERC status as of 2025: 1. Moratorium on new claims. The IRS stopped processing new ERC claims filed after September 14, 2023.
Small Business & BookkeepingThe IRS has paused processing of most new ERC claims and is auditing previously paid claims. The Employee Retention Credit (ERC) was a pandemic-era.
CFO & AdvisoryFor business owners, estate and gift tax planning is not just about minimizing the federal estate tax (which applies to estates exceeding the $13.99.
CFO & AdvisoryA business owner's company is often their largest asset, but without proper estate planning. Estate planning tools for business owners.
CFO & AdvisoryThe federal estate tax exemption is $13.99 million per person in 2025 ($27.98 million per married couple). Estate tax fundamentals for business owners.