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Posted in asset protection,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on August 18, 2022
A self- employed individual wears two hats for tax purposes, they are both the Employer and the Employee and pay both the Employer and the Employee portions of the FICA and Medicare (Self – Employment) taxes to the IRS. Self employed individuals fall into three categories. The first is the Sole Proprietor or Single Member LLC owner… (Keep reading)
Posted in commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021
In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency. Since the IRS classifies cryptocurrencies like stocks and other investments, not cash or currency. Therefore,… (Keep reading)
Opportunity for Year End Tax and Asset Planning
Posted in asset protection,commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021
First thing, of course, is be prepared. I tell everyone who will listen to do their financial and or tax planning on a monthly if not weekly basis. This will allow you to know where you stand financially and what taxes you owe at that moment so you can plan for the future. Look at low interest… (Keep reading)
What does it take to be successful in business?
Posted in Firm News,nevada business tax on September 1, 2021
A question that I get asked at least once a week. The answer is predicted on many factors and those factors may be similar for many of us and/or totally different for all of us. Usually people desire to partner with another thinking the synergy will be great. Be careful it can and cannot be…. (Keep reading)
Posted in commerce tax,Firm News,nevada business tax,nevada commerce tax,taxes on September 20, 2016
In June of 2015, the State of Nevada passed a law establishing a Commerce Tax. The tax is a gross receipts tax. Every person or entity doing business in the State of Nevada must file a return, even if no tax is due. The taxable year runs from July 1st to June 30th of the… (Keep reading)
