How To Get Paid For Paying Your Child
Did you know you can pay your child to work in your business and get paid for paying your child? The basic mechanics of this are (a) you deduct the wages and (b) your child pays zero or very little in income taxes. The three points below elaborate on this: The child (a single taxpayer) pays zero taxes on earnings up [...]
Bitcoin – Should you use it?
Are you considering accepting bitcoins as payment? If so, you should know the tax implications of accepting bitcoins in your business and the major pros and cons of doing so. We’re going to use an example to explain this. Example. Carol is a freelance consultant. In exchange for her $1,500 invoice to a client, she receives 1.5 bitcoins. The bitcoin exchange [...]
The Mileage Log – How and Why
When it comes to your tax records, there’s one record that you really should keep, and it’s easily overlooked. It’s the mileage log. In an IRS audit, the mileage log often creates the first impression of your tax records. Whether you use the IRS mileage rate method or the actual expense method, you need a written record that proves your business [...]
President Trump’s Tax Proposal
Earlier this week President Trump outlined his new tax proposal. Many details are still forthcoming, and there are still a lot of questions, but below is a quick summary of some of the more important pieces of the plan. The proposal seeks to reduce the number of individual tax brackets from seven to three. The new tax rates would be 10%, [...]
Send Us Your Documents Electronically – Safely & Securely
Here at Sutton and Simmons, we aim to make the tax return process as simple and convenient for our clients as possible. To assist with this, we have created a way for you to send us your tax documents securely online through our website. We have included upload links on the home, resources, and contact pages. Just look for the “Send [...]