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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Business bad debts are deductible as ordinary losses under IRC 166 when a previously included income amount becomes uncollectible.
Tax PlanningA comprehensive year-end tax planning checklist covering retirement contributions, equipment purchases, income deferral, expense acceleration.
Tax PlanningThe last quarter is when small business owners can still influence their tax bill. Year-end tax planning checklist by deadline: October (90 days left): -.
Tax PlanningOctober through December is the tax planning window. Strategies include accelerating deductions (equipment purchases, prepaying expenses).
US TaxSnow removal deductions center on the plow truck ($30,000-$80,000, over 6,000 lbs GVWR, so no luxury auto caps), salt and de-icer (often 8-15% of revenue), fuel, and repairs.
US TaxSnow removal and plowing businesses are NOT SSTBs, so the full QBI deduction applies at all income levels. Snow removal tax profile: SSTB classification.
US TaxSnow removal earns 85% to 95% of revenue in 4 to 5 months, so the annualized installment method on Form 2210 Schedule AI matches estimated taxes to income.
US TaxSolar installers deduct panel inventory (40-50% of revenue), boom trucks, racking and mounting hardware, inverters for demo systems, conduit benders.
US TaxSolar installation businesses are NOT SSTBs (they're a qualified trade). The high workers' comp rate (5-12%) raises the S-Corp break-even.
US TaxSolar installers face moderate seasonality (spring and summer peaks) and lumpy project revenue. Estimated tax basics for solar installers: - Set-aside.
US TaxStaffing agencies benefit from the S-Corp election at lower profit levels than most businesses because their high W-2 wage bills support the QBI.
US TaxFranchise staffing agencies (Express Employment, Spherion, Adecco franchisees) have specific tax treatment for the franchise fee, ongoing royalties.
US TaxStaffing agencies that place workers in multiple states must comply with each state's payroll tax, workers' comp, and unemployment insurance requirements.
US TaxA staffing agency owner cannot use the Solo 401(k) (too many employees). The main options are SEP IRA (uniform percentage.
US TaxStaffing agencies have unique tax considerations because they employ the workers they place at client sites. The primary deductions for staffing agencies.
US TaxWorkers' compensation is typically the second-largest cost for staffing agencies after payroll. Workers' compensation insurance is required in almost.
US TaxSelf-storage deductions: Building and improvements: - Storage building construction: $25-$65 per sq ft depending on type (drive-up vs.
US TaxSelf-storage is NOT an SSTB. Cost segregation on the building can reclassify 15-25% to shorter-lived property. Net margins run 40-60% at stabilization.
US TaxSelf-storage estimated tax considerations: - Year 1-3 with cost segregation: depreciation typically exceeds NOI. Tax loss.
US TaxTattoo studios deduct ink, needles, gloves, and single-use supplies as cost of goods sold or ordinary expenses. Major deduction categories for tattoo.
US TaxTattoo studios are generally NOT specified service trades or businesses (SSTBs) because tattooing is a skilled trade, not consulting, health care.
US TaxEstimated tax considerations for tattoo studios: 1. All income is taxable, including cash and tips. All income is taxable.
US TaxTattoo studio owners (NOT SSTBs) qualify for the full 20% QBI deduction and can stack it with retirement plan contributions.
US TaxTattoo studios use two primary models: booth rental (artist pays rent for space) and commission/employment (studio pays artist a percentage).