Here’s How to Avoid Self Employment Tax. Legally.

The IRS can take a big tax bite out of your small business bank account if you don’t pay attention to “Self Employment tax”. What is it? Self employment tax is how Uncle Sam collects Social Security and Medicare money from those who don’t have an employer deducting it from your paycheck. It’s included as […]

Someone Stole My Tax Refund — Now What (Do I Do) ?

As we move deeper into February, and more and more are filing their tax returns, a number of unlucky filers are finding out that someone has already filed in their name — and walked away with their refunds! It’s become more and more of problem each year; this year it appears that most of those questionable […]

How to Claim College Tuition on Your 2014 Income Tax Return

Clients often ask about about how to claim college tuition on their tax returns. The subject is confusing. There’s the American Opportunity Tax Credit and the Lifetime Learning Credit, and finally the Tuition Deduction. How do you know which one is applies to your family’s situation? The forms you receive from the college or university […]

What’s the Difference Between Intention and Commitment?

Intention. Commitment. Two words that appear to have similar meanings, but the difference between them is miles apart. Let me explain. Back in the days when my family was young, and I was still in my 30s, I would go out and run early in the mornings before work. At various times I got the distance […]

What to do if you receive an IRS letter or notice

Did you hear the old joke about the taxpayer who called his accountant all stressed out because he just got a letter from the IRS? “I got an IRS letter!  What the heck do they want now?” the taxpayer screams. “I’m not sure” his accountant replies.  “Tell me exactly what the letter says.” “I don’t […]

Should you Incorporate? The good, bad and ugly about entity selection

Incorporate?  Form an LLC?   Be a sole proprietor?   Selecting the right entity structure is an important issue for every enterprise.    The best choice isn’t always obvious, and it can have a dramatic legal and financial impact on you. Over 75% of business owners chose the path of least resistance; they operate as […]

The 7 Deadly Sins of Small Business Failure

Did you know that within the past month alone, 350 brand new businesses opened up in Virginia Beach?   Portsmouth issued licenses to 74 new business owners, Chesapeake issued another 51, and though  Norfolk’s numbers aren’t readily available, we can safely conclude that 500+ new businesses were launched in the area in the past 30 days. […]