Hi Abe, How much should I be saving for my quarterly taxes?  Abe: I am glad you asked this important question. It is often recommended for independent contractors to save between 20-30% of their Net Profit for both state and federal taxes. As a reminder, your Net Profit is the difference between your Gross Revenue and your [...]

You may not know the feeling of getting a letter in the mail from the IRS. It can cause you to worry and assume the worst or be unsure of what they are requesting. You may dread the next step, which is calling the IRS office, to be on hold for an hour or longer only [...]

Hi Abe! I recently tried making a quarterly tax payment and was informed that I needed to make my payment as a personal tax payment instead of a business payment. Is this true even if I am operating under an LLC? Abe:  That is correct! Even if you are operating under a single-member Limited Liability Company [...]

An entrepreneur/business person is a person who sets up a business. The term "businessperson" may refer to a founder, owner, or majority shareholder of a commercial enterprise; or it can characterize a high-level executive who does the everyday running and management of a company even if that executive is not the owner. -  From Wikipedia, the [...]

You know when you go on vacation or are over the road for extended periods, and you come home, and the mailbox is SO full you can barely open it. Well, with the global pandemic going on with COVID -19, the IRS has tons of mail. No, they weren’t on vacation, but due to the pandemic, [...]

Have you heard of cryptocurrency? Chances are you have come across the term before, but have you ever wondered what cryptocurrency is and how it’s treated for tax purposes? Let’s dive into cryptocurrency and try to answer these questions below. What is cryptocurrency? The most common definition of cryptocurrency, otherwise known as virtual currency or digital [...]

Rental properties can be a great way to provide a consistent source of income. An investment in a rental property can provide you with monthly rental income that can help supplement your total income. This can be a good way to accumulate wealth over time. Something to consider with rental properties is that if you ever [...]