The new 1099-K rules are here to stay and will affect many people, like you and me, and not just those with a small business.
The problem is, this year, you’ll probably receive a new IRS form 1099K tax form, that must be reported on your tax return. In previous years you probably never...
A user on Reddit asks a very good question...
Why doesn't the IRS just send you a bill stating how much you owe?
Now that’s a great question.
Why doesn’t the IRS just send you a bill for what you owe? After all, they have all of your tax documents showing the income you earned...
A lot of people wonder about how to pay taxes as a result of doing side hustle work, or what some call "gig economy work." It might seem hard to understand at first, but don't worry. Today, we're going to talk about it in a way that's super easy to understand.
In this blog post, I’m going...
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Today, we're discussing why you might not want to become an 'accidental landlord', and that is when you decide to rent out a property you own, that you originally intended to sell - typically after you bought another, new home. While this can sound like a great opportunity for extra...
I’m back again with another blog post, hoping to share five business lessons that we can learn from the challenges faced by Anthony Farrer of The Timepiece Gentleman.
Love him or hate him, running a business is tough. If you’ve been there, you know what I’m talking about. And...
Today, we're diving into the fascinating topic of money laundering, but with a twist. We'll be examining the role luxury watches, like Rolex, and how they can be a part of the process.
I’ll walk though a couple examples of how a money laundering scheme with luxury watches might play out.
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Hunter Biden, the son of President Joe Biden, has been charged with tax and gun charges. According to the latest court documents, he’s expected to plead guilty to two misdemeanor tax charges as part of a plea deal. It’s said that Hunter Biden has accepted the charges and is...
A reader reached out to me and asked what I thought of investing in Cardone Capital. If you didn’t know, that’s the real estate investment fund run by motivational speaker and thought leader, Grant Cardone.
Although, I’m not an investment advisor and this isn’t investment...
A huge mistake that comes up in business is something that doesn’t actually seem like it’s a big deal at all. And that is, paying employees or independent contractors in cash.
Here’s why. The all powerful Internal Revenue Service, can can disallow the deduction entirely....
So you’ve got a side hustle. And you might be wondering if you really need a tax ID number, also referred to as an EIN. In this blog post, I’ll discuss whether or not you should get an EIN or employer identification number for your side hustle business.
An EIN is a nine digit...
Breaking news from the Internal Revenue Service!
The IRS just announced that they are sending out 8 million CP14 balance due notices starting this month.
What is an IRS CP 14 notice?
It’s the first notice the IRS sends you telling you that you owe them money.
So, the IRS just...
Someone asked in one of my videos:
A popular luxury watch dealer has been paying his employees by way of paying for the rent for their beach front apartment, and other things like leasing a Corvette for the videographer to use. Is this legal? Can you comment on that from a tax point of view?
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