We have all had a disappointing experience with a business before, and with the internet and social media these days it is easier than ever to express our opinions about those businesses. In the blink of an eye we have blasted that company, probably received 20 other opinions from people we don’t know, and we affected [...]

Hey Abe! What counts as a deduction for my business? Abe: The guidelines to remember with business expenses are that they must be ordinary and necessary. From the IRS website, IRS.gov, ordinary and necessary expenses are broken down thusly: “An ordinary expense is one that is common and accepted in your trade or business. A necessary [...]

Over the course of the year, one of the most proactive decisions you can make as an independent contractor is to pay your quarterly estimates. Instead of playing the guessing game at the end of the quarter, we offer a service to provide you with the quarterly estimate amounts to pay. We encourage you to do [...]

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 [...]

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 [...]