I get this question constantly, usually from a coach or consultant who’s staring at a shoebox (or a very messy inbox) in March and starting to sweat. So let’s cut to it. If you’re wondering what receipts to keep for taxes, here’s the honest, unsexy answer: keep all of them. Every single one. That’s not … Read more
You want to send a client a nice bottle of wine, or slip your best referral partner a gift card to say thanks. Good instinct. But before you spend, you’re probably wondering how the business gift tax deduction actually works, and how much of that money you get to write off. Short version: business gifts … Read more
You spent money on a logo. You bought a course. Maybe you set up a website and paid for some software. But you haven’t made a dime yet. So do you actually have a business, or do you just have an expensive hobby? This is the hobby vs business taxes question, and the answer changes … Read more
Do online businesses have to charge sales tax? Learn how nexus, digital products, and state rules work in plain English — and how to stay compliant and avoid penalties.
Now that you own your business, your taxes are your responsibility — and one of the fears I hear most often is getting hit with a huge tax bill at filing time. It’s a fear real enough to hold business owners back from actually growing their income. The good news: you can avoid a huge … Read more
Quick Answer The best year-end tax saving strategies for small business owners include: completing your bookkeeping, contributing to retirement accounts (SEP-IRA, Solo 401(k)), maxing out HSA contributions, taking the home office deduction, donating to charity, billing January work in January (or December — depending on your strategy), prepaying January expenses, investing in education and tools, … Read more
A complete guide to tax deductions for travel bloggers. What travel is deductible, what’s not, and how to document every business trip to defend your write-offs.
Quick Answer Sales tax for online businesses works like this: you collect tax from buyers in states where you have “nexus” (a legal connection), then remit that tax to each state on a regular filing schedule. Most online business owners owe sales tax in 3–10 states once they cross economic nexus thresholds (usually $100,000 in … Read more
Quick Answer The biggest tax mistakes small business owners make include not reporting all income, poor recordkeeping, missing legitimate deductions (especially home office, mileage, and self-employed health insurance), mixing personal and business finances, neglecting estimated taxes, misclassifying contractors as employees, choosing the wrong entity structure, filing late, working with unqualified tax professionals, and trying to … Read more
Quick Answer The home office deduction lets self-employed small business owners deduct a portion of home expenses for a dedicated workspace used regularly and exclusively for business. Two methods exist: the simplified method ($5 per square foot, up to 300 sq ft) and the regular method (actual percentage of home expenses). To qualify, the space … Read more