Of all the strategies in the tax code, this one surprises contractors the most — because it sounds made up. It isn't. It's Section 280A(g), nicknamed the Augusta Rule after the Masters golf tournament, when Augusta homeowners rent their houses to tournament visitors. Here's the deal: you can rent your personal residence to your business […]
The Augusta Rule: How to (Legally) Deduct ~$18K Using Your Own House Read More »
The most expensive line on many contractors' tax returns isn't income tax. It's the one labeled self-employment tax: 15.3% on nearly every dollar of profit, before income tax even shows up. If you're a sole proprietor or a single-member LLC taxed by default, you pay that 15.3% on your profit. All of it. On $200,000
The S-Corp Election Math, With Real Numbers Read More »
Tennessee is one of the few states where individuals pay no state income tax on wages or salaries. However, tax preparation for Tennessee businesses involves more than the federal return — most Tennessee businesses file a Franchise and Excise Tax return annually with the Tennessee Department of Revenue, and the excise component taxes net business
Tax Preparation for Tennessee Small Businesses Read More »
Texas small businesses carry a simpler payroll tax stack than most states — but simpler does not mean simple. A professional payroll service for a Texas employer still manages federal income tax withholding for every employee, FICA calculations on every paycheck, Texas Workforce Commission quarterly UI filings, and year-end W-2 preparation. Texas employers with remote
Payroll Service for Texas Small Businesses Read More »
Two filings, two agencies, two deadlines. Texas small businesses handle a federal income tax return and a Texas Franchise Tax annual report — and both documents need to be consistent with each other since both draw from the same financial records. A tax preparation service that handles both in one engagement gets that right automatically.
Tax Preparation Service for Texas Small Businesses Read More »
