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Stephen Nelson CPA

Tax Strategy Tuesday:  Convert Guaranteed Payments to Qualified Business Income

December 14, 2021 By Stephen Nelson CPA

Convert quaranteed payments into QBI to salvage 199A deductions.

Okay. This Tuesday? I've got a tax strategy for partnerships. A strategy that can save individual partners thousands in taxes annually. Maybe even … [Read more...] about Tax Strategy Tuesday:  Convert Guaranteed Payments to Qualified Business Income

Filed Under: business taxes, individual income taxes, Section 199A, Tax Strategy Tuesday

Tax Strategy Tuesday:  One Person S Corporation

December 6, 2021 By Stephen Nelson CPA

This Tuesday's tax strategy: The one person S corporation.

In a few weeks, one tax year ends and a new tax year starts. For that reason, it makes sense to talk about a powerful tax strategy for small … [Read more...] about Tax Strategy Tuesday:  One Person S Corporation

Filed Under: business taxes, Corporate taxation, S corporation, Tax Strategy Tuesday

Tax Strategy Tuesday:  Vacation Rental Property

November 30, 2021 By Stephen Nelson CPA

The vacation rental tax strategy works well if you understand the rules.

On Tuesdays, for at least the next few weeks, we will blog about tax strategies that high-income investors and business owners may be able to use to … [Read more...] about Tax Strategy Tuesday:  Vacation Rental Property

Filed Under: individual income taxes, personal finance, real estate, Tax Strategy Tuesday

Build Back Better S Corporation Tax Hits High Income Taxpayers

November 15, 2021 By Stephen Nelson CPA

Build Back Better S corporation tax hits high income taxpayers.

The Build Back Better Act hits S corporation owners and active real estate investors a bit harder than some of us guessed. In a nutshell? It … [Read more...] about Build Back Better S Corporation Tax Hits High Income Taxpayers

Filed Under: Corporate taxation, individual income taxes, real estate, S corporation Tagged With: Build Back Better

Employee Retention Credit Checklist

November 1, 2021 By Stephen Nelson CPA

Employee retention credit checklist image

It clicked for me a few days ago. We need an employee retention credit checklist. For when we prepare the tax returns of small business owners next … [Read more...] about Employee Retention Credit Checklist

Filed Under: employee retention credit

Psst. Time to Raise Your Prices.

October 15, 2021 By Stephen Nelson CPA

Inflation means you probably need to raise your prices blog post.

I don't know about your small business. But for us? We haven't been very disciplined about raising prices during the pandemic. So even if our costs … [Read more...] about Psst. Time to Raise Your Prices.

Filed Under: management, New business, Strategy

That Nearly Secret IRS Personal Wealth Study

October 1, 2021 By Stephen Nelson CPA

Nearly secret IRS personal wealthy study an elephant in the room?

Last spring, some fascinating, nearly secret IRS personal wealth information slipped out into public view. And, just so there’s not confusion, I am … [Read more...] about That Nearly Secret IRS Personal Wealth Study

Filed Under: Estate tax, personal finance, wealth tax

Biden Tax Plan Starts Long Slow Death of the S Corporation

September 19, 2021 By Stephen Nelson CPA

Bid tax plan starts slow motion death of S corporation.

I guess it had to happen. Eventually. The end of the S corporation, I mean. People have complained about the loophole, gosh, probably since … [Read more...] about Biden Tax Plan Starts Long Slow Death of the S Corporation

Filed Under: business taxes, Corporate taxation, S corporation

Recovery Startup Business Employee Retention Credit: Nine Awkward Questions

September 1, 2021 By Stephen Nelson CPA

recovery startup business employee retention credit awkward questions

If you’re reading this, you know about the $100,000 recovery startup business employee retention credit. You know, for example, that if you start a … [Read more...] about Recovery Startup Business Employee Retention Credit: Nine Awkward Questions

Filed Under: employee retention credit

Houses of Worship and Nonprofits Miss the Boat on Employee Retention Credits

August 30, 2021 By Stephen Nelson CPA

tax-exempt employee retention credit blog post

Last week, in conversations with the staff at the house of worship I attend, I learned the organization had not applied for employee retention credits … [Read more...] about Houses of Worship and Nonprofits Miss the Boat on Employee Retention Credits

Filed Under: COVID-19, employee retention credit

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Featured Posts

Washington state houses of worship usually qualify for employee retention credits

Washington State Houses of Worship All Qualify for Employee Retention Credits

Did your Washington state church, mosque, synagogue or temple suspend services due to Governor Inslee's "Stay Home Stay Healthy" proclamation? I … [Read More...] about Washington State Houses of Worship All Qualify for Employee Retention Credits

Six Hacks to Simplify Small Business Accounting and Taxes

Six Hacks to Simplify Small Business Accounting and Taxes

Starting a new business? This suggestion: Keep your small business accounting and your taxes simple. Really simple. The reason? In the post-pandemic … [Read More...] about Six Hacks to Simplify Small Business Accounting and Taxes

Washington state capital gains tax returns will need to be filed for 2022 as per the Supreme Court's March decision.

Filing Washington State Capital Gains Tax Returns

You maybe need to file a Washington state capital gains tax return with your 2022 federal tax return. Specifically, if you realized long-term … [Read More...] about Filing Washington State Capital Gains Tax Returns

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