Ryan McInnis 
You’ve likely often heard it said that you have to spend money to make money, and there is truth in these words. Even if you watch your pennies closely and try to shell out as little as possible, there are certain unavoidable expenses you will incur when starting a new business. Fortunately, the IRS allows … Read more
To encourage tax compliance, the IRS is able to impose almost 150 penalties. This approach definitely uses more stick than carrot, but it’s not quite as awful as it sounds. If you’ve never had an issue with the IRS before, you can ask for (and likely get) some penalty relief. Intro to IRS Penalty Relief … Read more
Although you may never have expected it to happen to you, sometimes taxpayers find themselves owing the IRS money they just don’t have. Fortunately, you have several options if you find yourself in this position. You’ll need to weigh those options carefully, however, as you won’t be eligible for some and others may hurt more … Read more
If you earned money through self-employment but didn’t pay estimated taxes, you may find yourself looking at an IRS penalty for underpayment. Here’s what causes a tax underpayment penalty and what you can do to avoid penalties in the future. What is the IRS Underpayment Penalty? Although you file only one tax return each year, … Read more
In this article we explain the difference between marginal tax rate and effective tax rate. Learn what each is used for and gain a clear understanding about how much of your income is truly expected to be paid by the IRS. What is the Effective Tax Rate? Calculated by dividing your total tax liability by … Read more
In the beginning, cryptocurrency was pretty basic. You could use it to make purchases and accept it as payment. If you wanted to make money, you needed to pay close attention to the crypto market, buying and selling at the right times based on the currency’s fluctuating value. In that regard, crypto worked in a … Read more
If you’re thinking about embracing entrepreneurship and striking out on your own, don’t let the prospect of business taxes make you reconsider. So long as you structure your business as a sole proprietorship or single-member LLC, dealing with the tax consequences is actually quite easy. The hardest part is keeping detailed records of your business … Read more
A side hustle like DoorDash can be a terrific way to make some extra cash. If self-employment is for you, you can also plunge headfirst into the gig economy and become a full-time delivery driver. Either way, it’s important to understand that although working as an independent contractor for DoorDash and other companies offers some … Read more
Whether your business itself is new or you’re taking a stab at doing your own business taxes for the first time, you’ve likely already encountered a form that asks for your principal business activity code (PBC) or North American Industry Classification System code (NAICS). Fortunately, once you know what you’re looking for, these codes are … Read more
Salary matters, as do employee benefits. A popular trend in current business magazines is to claim that when treated well, employees don’t worry as much about their wages. There is some truth to this claim, but tread carefully. Employees work so they can pay their bills and feed their families. As nice as an atta … Read more
