Professional Gambler Taxes 2024: A Guide to Tax Planning for Gamblers
Maximize your winnings and minimize your tax burden with expert strategies tailored for professional gamblers, covering deductions, record-keeping, estimated taxes, and retirement planning.
Gambling Taxes: Is Your Gambling a Hobby or a Business?
Learn how to determine if your gambling is a taxable hobby or a profitable business, and understand the significant tax implications for both scenarios, including reporting winnings, deducting losses, and handling W-2G forms.
Estimated Taxes: A CPA’s Guide to Avoiding Penalties and Stress
Learn how to avoid costly estimated tax penalties with our comprehensive guide covering who needs to pay, how to calculate payments, and key deadlines, ensuring peace of mind for freelancers, investors, and small business owners.
Deferring Capital Gains Tax with Equity Rollovers: A Comprehensive Guide
Imagine this: You’ve built a successful business, and now you’re considering selling. Congratulations! That’s a huge achievement. But with a potential sale comes the looming reality of capital gains taxes. Fortunately, there are strategies to help minimize your tax burden, and one such strategy is the equity rollover. At XOA TAX, we often help clients […]
Navigating Capital Gains Tax in Business Sales: Cash vs. Equity Compensation
Selling a business is a major financial and life decision. Whether you’re a seasoned entrepreneur or a first-time business owner, understanding the tax implications is crucial for maximizing your after-tax proceeds. One area that often causes confusion is how capital gains taxes apply when the sale involves a mix of cash and equity compensation. At […]
What is FICA (Federal Insurance Contributions Act)?
This comprehensive guide explains FICA taxes, covering their history, how they work for employers and employees, tax rates and limits for 2024, self-employment taxes (SECA), common mistakes to avoid, and answers to frequently asked questions.
Comprehensive Guide to 1099 Forms: Types, Deadlines, and Filing Instructions for 2024
As a small business owner or independent contractor, the world of tax forms can seem daunting. One crucial aspect that often trips people up is understanding Form 1099. At XOA TAX, we’re dedicated to simplifying the complexities of tax season. We’re here to guide you through the ins and outs of 1099s for the 2024 […]
Navigating California Source Income for Non-U.S. Resident LLCs in the Travel Industry
Non-U.S. resident LLCs in the travel industry serving California clients must understand California’s source income rules, including market-based sourcing, economic nexus, and international tax considerations to ensure compliance.
Why IRS Audit Support Matters In Tax Service?
Navigating an IRS audit can be daunting, but expert audit support from XOA TAX provides crucial guidance and representation, minimizing risks and ensuring a smoother, more favorable outcome.
Navigating IRS Penalties: A Guide to Late Tax Filing and Payment
We all have deadlines, and the IRS is no exception! Life can throw curveballs, and sometimes filing or paying your taxes on time just isn’t possible. But don’t worry, understanding the penalties involved and knowing how to navigate them can save you a lot of stress (and money!). As CPAs at XOA TAX, we’re here […]
