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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.

Navigating Complex Tax Waters: Insights from Office Hours Q&A 2024-01-16

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, 20242 min read

Office Hours Q&A 2023-12-19

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, 202353 min read

Mastering Tax Complexities: Key Insights from Our Expert Webinar

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, 20236 min read

Navigating Partnership Issues: What They Are and What to Do About Them

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, 202310 min read

Navigating the Tricky Waters of Investment and Tax Planning: Real Stories, Real Lessons

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, 20233 min read

The Truth About the New Clean Vehicle Tax Credit

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, 20238 min read

The Power of Educational Assistance Programs in Light of Student Loan Payment Resumption

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, 20231 min read

Debunking the Myth: It's Never Too Late Late to File Your Taxes

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, 20232 min read

Reimbursements or Revenue? The 1099-K Challenge for Small Businesses | Tax Sherpa Stories

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, 20239 min read

The IRS is on a Hiring Spree: How Solopreneurs and Small Businesses Can Stay Ahead

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, 20231 min read

Can K-1 Losses Be Beneficial? | Tax Sherpa Stories

Can K-1 Losses Be Beneficial? | Tax Sherpa Stories

Dive into the intricacies of K-1 tax forms! Discover how K-1 losses can offset other income, understand the importance of basis, and learn about passive vs. active rules. Master the nuances of tax sav... ...more

Tax Sherpa Stories

September 20, 20233 min read

So You Got a K-1, What's Next?

So You Got a K-1, What's Next?

Just received a K-1 form and feeling lost? Dive into my video guide where I break down next steps and simplify the process. Navigate the tax maze with confidence! ...more

Tax Sherpa Stories

September 18, 20232 min read

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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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Have questions? Use the form here and one of our knowledgable staff will get back to you as soon as possible.

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  • 3900 CROWN RD SW STE 16709

  • Monday - Friday, 10:00 am - 5:00 pm

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Disclaimer: The content presented on this website is intended for informational purposes only and is not tailored to the needs of any specific individual or entity. It should not be considered as financial, investment, or tax advice. The information provided is general in nature and does not account for individual circumstances or financial positions. Before making any financial or tax-related decisions, we strongly advise consulting with a qualified professional who can provide guidance tailored to your individual situation. All information on this site is provided in good faith, but we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the site. Use of this site and reliance on its content is solely at your own risk.

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  • office@taxsherpa.com

  • (678) 944-8367

  • 3900 CROWN RD SW STE 16709

  • Monday - Friday, 10:00 am - 5:00 pm

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