Tax Warrior Chronicles

Last-Minute, Year-End Tips for Self-Employed Taxpayers

Posted on Thu, Dec 26, 2019

By: Steven R. Rossman, CPA, MST

 

Running your own business can be very satisfying and rewarding; and with the emergence of the “Gig Economy,” more of you are moving from being an employee and receiving a W-2 to being self-employed.  Whether you have a side hustle or own a small business, today’s post should help with managing the tax and income-reporting process.

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The Transition from  W-2 Employee to Partner

Posted on Wed, Nov 22, 2017

By: Joseph Moukhliss, EA

 

It’s often the goal of a professional to become a partner at a firm.  Competitive business environments lead companies to offer employees equity partnership or shareholder status to reward and retain top talent.  After years of hard work, loyalty and driving revenue, partnership is a worthy reward.  Many new partners, however, are unaware of how their new role will impact their tax situation.  Today’s blog highlights some of the major changes a professional will encounter when transitioning from an employee to a partner and provides some tips on preparing for those changes. 

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The Tax Ins and Outs of Short-Term Rentals

Posted on Mon, May 22, 2017

By: Adele Kilgus, CPA

 

Summer is quickly approaching, which means weekend getaways for fun in the sun. If you are looking for extra income to fund your relaxation time, you might rent your home to summer travelers while you are out of town. Airbnb, HomeAway, and other similar services make the process of short-term renting much simpler by handling all booking and collecting of payments. However, even with the added simplicity, there are still some important tax implications to consider. With proper planning, you can maximize your extra income and minimize any extra tax liability.

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