Hi, my name’s Greg Reed and I’m the Head of Tax here at SmartBooks. Today I want to talk to you about the hobby versus business rules and how this classification can impact your tax situation. Change in Tax Legislation Regarding Hobby Expense Deduction So with the passage of the Tax Cuts and Jobs …
Tax Saving Tip: Can You Turn Your Hobby into a Business? Read More »
Hi. My name’s Greg Reed and I’m the head of tax here at SmartBooks. Today I want to talk to you about potentially converting from an LLC or a Partnership to an S-Corp. Now, this isn’t for everyone, but if it makes sense for you, it could be a significant tax savings opportunity. Self-Employment Tax …
Tax Saving Tip: Should You Convert Your LLC or Partnership to an S-Corp? Read More »
Hi, my name is Greg Reed and I’m head of tax here at SmartBooks. Today I want to talk to you about a tax saving opportunity. The Augusta Loophole If you own a corporation and you hold monthly shareholder meetings, instead of holding those meetings offsite by renting a hotel or a another office space, …
Hi. My name’s Greg Reed, and I’m the head of tax here at SmartBooks. Today, I want to talk to you about a simple but effective tax planning strategy. If you have kids, and you own a business, you could potentially add them to your payroll and shift income from your tax bracket to potentially …
My name is Greg Reed and I’m the Head of Tax here at SmartBooks. Today, I want to review with you an important form, Form W4, Employees Withholding Allowance Certificate. The form itself is very basic. It only has seven lines. However, the supplemental schedules attached can be complicated. Let’s review. W4 Lines 1 through …
