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Our Blogs
On our blogs you will find our Tax Sherpa Stories series as well as additional posts covering all manner of tax topics. Some items are timely as there are multiple tax filing dates throughout the year and some items are important larger concepts.
Tax Planning Secrets Revealed | Tax Sherpa Live - 2024-07-16
Join Neal McSpadden of Tax Sherpa for essential tax-saving strategies in the latest episode of Tax Sherpa Live. From effective tax planning to leveraging R&D credits, learn how to save thousands on yo... ...more
Tax Sherpa Stories
July 18, 2024•3 min read
Unlock Tax Savings: Essential Strategies | Tax Sherpa Live 2024-07-09
This comprehensive episode gives valuable insights and strategies that can help manage your business finances more effectively and reduce your tax burden. Don't miss out on Neal's expert advice and re... ...more
Tax Sherpa Stories
July 15, 2024•2 min read
Navigating Complex Tax Waters: Insights from Office Hours Q&A 2024-01-16
Discover expert advice on rental property taxes, navigating the Corporate Transparency Act, the tax implications of life insurance, and more. Ideal for small business owners and solopreneurs, this pos... ...more
Tax Sherpa Stories
January 17, 2024•2 min read
Office Hours Q&A 2023-12-19
Explore key tax insights in our Tax Sherpa Office Hours video from December 19th, 2023. Neal and Serena address critical topics like cryptocurrency taxation and small business strategies. This concise... ...more
Tax Sherpa Stories
December 19, 2023•53 min read
Mastering Tax Complexities: Key Insights from Our Expert Webinar
Unlock tax-saving strategies with Neal McSpadden in our latest Tax Sherpa blog. Dive into practical tips for small businesses, from cost segregation to foreign income management. Transform your tax ap... ...more
Tax Sherpa Stories
December 06, 2023•6 min read
Navigating Partnership Issues: What They Are and What to Do About Them
Join us as we review Partnership Issues in our latest Tax Sherpa Stories Live Event. We go over conflicts, flow through issues, minority interest problems, and the 5 D's: disinterest, death, divorce, ... ...more
Tax Sherpa Stories
December 02, 2023•10 min read
Navigating the Tricky Waters of Investment and Tax Planning: Real Stories, Real Lessons
Dive into real-life stories of investment & tax planning. Learn from Bob's risky bet, Alice's tax woes, & key strategies for smart, safe investing. ...more
Tax Sherpa Stories
November 11, 2023•3 min read
The Truth About the New Clean Vehicle Tax Credit
Is the sales pitch that new cars will get you $7,500 in tax credits? Surprise, it's more complicated than that. Read on to find out how... ...more
Tax Sherpa Stories
October 26, 2023•8 min read
The Power of Educational Assistance Programs in Light of Student Loan Payment Resumption
Learn about Section 127 Plans to help pay for employees' student loans as a great benefit program that is tax efficient. ...more
Tax Sherpa Stories
October 18, 2023•1 min read
Debunking the Myth: It's Never Too Late Late to File Your Taxes
Missed a tax deadline? It's not the end! Dive into our latest post to debunk common tax myths and discover steps to set things right. Your path to tax clarity starts here! 📊 ...more
Tax Sherpa Stories
October 18, 2023•2 min read
Reimbursements or Revenue? The 1099-K Challenge for Small Businesses | Tax Sherpa Stories
Dive into the new 1099-K reporting rules and see how they might affect your tax reporting as a solopreneur or small biz. In this episode of Tax Sherpa Stories as we unravel the complexities of the cha... ...more
Tax Sherpa Stories
September 26, 2023•9 min read
The IRS is on a Hiring Spree: How Solopreneurs and Small Businesses Can Stay Ahead
Amidst the IRS's massive hiring boost and a keen focus on Sch C filers, solopreneurs and small businesses face increased audit risks. Dive into Tax Sherpa Stories to understand the shifts and learn st... ...more
Tax Sherpa Stories
September 22, 2023•1 min read
Frequently Asked Questions
Q:
What's the difference between tax advisory and just filing my taxes?
Filing your taxes each year is a necessary task, but it is always backwards looking. Tax advisory works with you throughout the year to make sure that you are on the right track when it comes to your taxes and have strategies in place to save money now.
Q:
I've heard about tax write-offs for small businesses. What exactly can I write off, and how does it benefit my business?
Tax write-offs, also known as tax deductions, are expenses that a business incurs that can be subtracted from its revenue to reduce the amount of taxable income. Common write-offs include office supplies, mileage, rent for a business location, and advertising expenses, among many others. By writing off legitimate business expenses, you can significantly reduce your taxable income, which can lead to a lower tax bill. It's essential, however, to maintain proper records and ensure that the expenses are truly business-related.
Q:
What's the difference between a tax deduction and a tax credit?
A tax deduction reduces the amount of your income that is subject to taxation, which in turn can lower your tax liability. Common deductions include expenses like mortgage interest, student loan interest, and business expenses. A tax credit, on the other hand, is a direct reduction of your tax bill. This means if you owe $1,000 in taxes and have a $200 tax credit, your tax due would be reduced to $800. Some popular credits include the Child Tax Credit, the Earned Income Tax Credit, and credits for energy-efficient home improvements.
Q:
I'm thinking of hiring an independent contractor instead of an employee. Are there different tax implications for each?
Yes, there are significant tax differences between hiring an employee and an independent contractor. When you hire an employee, you're responsible for withholding federal and possibly state income taxes, Social Security, and Medicare taxes from their paychecks. You also typically pay unemployment taxes on wages paid to employees. Independent contractors, on the other hand, are responsible for their own taxes. As a business owner, you'd provide them with a Form 1099-NEC (if you pay them $600 or more during the year) instead of a W-2, and they would be responsible for their own self-employment taxes. It's important to correctly classify your workers, as misclassifying can lead to penalties.
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Contact Us
office@taxsherpa.com
(678) 944-8367
3900 CROWN RD SW STE 16709
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