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Tax Strategy: Traditional IRA vs. Roth IRA — Which Is Right for You?   When planning for retirement, one of the most important decisions is choosing between a Traditional IRA and a Roth IRA. Both offer powerful tax advantages, but they differ in when those advantages occur—and the right choice depends on your current tax...

The Augusta Rule: How to Rent Your Home Tax-Free for 14 Days a Year  Imagine earning thousands of dollars in rental income—completely tax-free. Thanks to a little-known provision in the Internal Revenue Code, that’s entirely possible under the Augusta Rule.  Named after Augusta, Georgia (home of the Masters golf tournament, where homeowners would rent their homes to...

How to Avoid IRS Red Flags When You’re Self-Employed When you’re self-employed, you enjoy the freedom of running your own business—but you also take on full responsibility for managing your taxes. Because self-employed individuals often have multiple income sources and deductions, the IRS pays close attention to their tax filings. Certain mistakes—or overly aggressive tax positions—can increase...

Tax Planning vs. Tax Preparation: Why Both Are Critical for Wealth Growth  Overview  When it comes to building lasting wealth, tax planning and tax preparation are two sides of the same coin. While both are essential for your financial success, they serve very different purposes.  Tax preparation is the process of accurately filing your tax...

2025 Update: New 1099-K Reporting Thresholds Under the One Big Beautiful Bill Act (OBBBA)  For 2025, small business owners need to be aware of a major change to the Form 1099-K reporting requirements due to the enactment of the One Big Beautiful Bill Act (OBBBA), Pub. L. No. 119-21.  This legislation officially reverses the lower...

The IRS Fresh Start Program Explained: Who Qualifies and How to Apply  If you’re struggling with back taxes or mounting IRS debt, the IRS Fresh Start Program may offer the relief you need. This initiative was designed to help taxpayers—both individuals and small businesses—resolve their tax liabilities through easier payment plans and settlement options.  In...

  When starting a new business, one of the most critical decisions you’ll make is choosing the right business structure. Two of the most popular options for small business owners are the Limited Liability Company (LLC) and the S Corporation (S-Corp). Each offers unique tax benefits, ownership flexibility, and legal protections. In this guide, we’ll...

  Running a small business means wearing many hats, and tax time can be especially overwhelming. While most business owners are aware of the big deductions—like office rent and employee wages—many valuable deductions go unclaimed every year. Overlooking these can mean paying more tax than necessary. Here are the top 7 tax deductions small business...

LT11 vs. Letter 1058    If you’ve received a Final Notice of Intent to Levy from the IRS—either an LT11 or a Letter 1058—you’re facing a critical moment in the tax collection process. These notices are not routine reminders; they are formal warnings that the IRS is preparing to seize (levy) your property to collect...