Understanding Sales Tax Compliance for Online Sellers
The internet has revolutionized commerce, allowing businesses to reach customers across state lines and even internationally. This expanded reach brings incredible opportunities but also new complexities, particularly when it comes to sales tax. For online sellers, understanding and complying with various state sales tax laws is crucial for avoiding penalties and maintaining a healthy business. […]
Unveiling the Mystery of Beneficial Ownership Information: What Businesses Need to Know
As your trusted advisors at XOA TAX, we often get questions about seemingly complex regulations. One topic that frequently pops up is beneficial ownership information. While it may sound like something only high-powered corporations need to worry about, understanding beneficial ownership information (BOI) is crucial for many businesses. Let’s break down this important concept and […]
Record Keeping: A Comprehensive Guide for Businesses
As a CPA at XOA TAX, I’ve seen firsthand how easily businesses can get bogged down in the details of financial record-keeping. It’s easy for documents to pile up and become overwhelming. But trust me, having a solid system for organizing and retaining your records isn’t just about neatness; it’s a critical component of your […]
Wait, I Gotta Pay Taxes on That?! A Guide to Freebies and Influencer Taxes
Hey there, fellow creators! It’s your friends at XOA TAX, here to help you navigate the exciting (and sometimes confusing) world of influencer taxes. You’re crushing it out there, landing those sweet brand deals, and getting showered with free goodies. Awesome, right? But hold on a sec – ever wondered if those “freebies” actually come […]
Illegal Income: Why the IRS Cares About Your Side Hustle
We’ve all heard the saying “nothing is certain except death and taxes.” But did you know that the IRS takes this quite seriously, even when it comes to income earned through less-than-legal means? That’s right, whether your side hustle involves selling handmade goods or something a bit more “underground,” the IRS expects you to report […]
Determining Reasonable Shareholder Salary for S Corps in 2024
Running an S corporation comes with a unique set of advantages, especially when it comes to minimizing your tax burden. One of the most critical aspects of S Corp taxation involves determining a reasonable salary for yourself as a shareholder. It’s a delicate balance – you want to keep your self-employment taxes low, but also […]
S Corp Election: Reducing Self-Employment Tax in 2024
At XOA TAX, we’re passionate about helping small business owners like you navigate the complexities of the tax world. One topic that often comes up is the S Corporation election, or S Corp. Many people mistakenly believe an S Corp is a separate type of business. It’s not! Think of it as a special tax […]
Tax Planning Strategies for the 2024 Tax Year
As we head into the final stretch of 2024, it’s the perfect time to shift our focus towards tax planning. At XOA TAX, we believe that tax planning isn’t just a year-end activity, but an ongoing process that can significantly impact your financial well-being. By taking a proactive approach and implementing effective strategies, you can […]
Understanding Double Taxation for C Corporations in 2024
As a business owner, optimizing your tax strategy is always a top priority. One concept that often causes confusion, especially for C corporations (C corps), is “double taxation.” At XOA TAX, we’re well-versed in the complexities of the tax code and can guide you through this potentially challenging aspect of business taxation. Let’s explore what […]
The Augusta Rule: Tax Loophole or IRS Trap?
Understanding the Nuances of Section 280A(g) As a CPA firm, we often get questions about unique tax strategies, and one that frequently comes up is the “Augusta Rule.” While it may sound like a dream come true for homeowners looking to make some extra cash, it’s crucial to understand the intricacies of this rule to […]
