Tax Season is right around the corner…
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Welcome… Tax Strategies That Fit Your Lifestyle, Career, and Family Needs.
Experienced CPA Services, Tailored to Your Unique Financial Journey. I’m Bryan Nelson, a seasoned CPA with over 25 years of experience in tax preparation and client accounting services. I specialize in working with professionals and entrepreneurs in their 40s and…
QCD’s and Kansas Community Service Tax Credit Program (CSP)… Double-dipping not allowed
No, a charitable contribution made through a Qualified Charitable Distribution (QCD) from an IRA generally cannot also be used to claim a Kansas tax credit. Here’s why: 1. Qualified Charitable Distribution (QCD): 2. Kansas Tax Credit Programs: Conclusion: While you…
My 1099 is wrong, how do I fix it?
If you receive a 1099-NEC that you believe is incorrect and the issuing company refuses to correct it (or you are tired of waiting on them), here are the steps you can take: 1. Contact the Issuer in Writing: 2.…
Are you married? …The IRS might say “YES”
Filing a joint return allows a married couple to combine their incomes, deductions, and credits on a single tax return. Here are the key rules and conditions for filing a joint return: 1. Marital Status: 2. Filing Status Options: 3.…
When Will the Trump Tax Cuts Expire? A Look at What’s Next for the Tax Code
The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act (TCJA) of 2017, introduced significant changes to the tax code, primarily benefiting businesses and individuals through lower rates and increased deductions. However, many of the provisions for…
Oklahoma PTE and SALT: How It Works and Comparison with Kansas
Like many states, Oklahoma has implemented a workaround for the State and Local Tax (SALT) deduction cap for owners of pass-through entities (PTEs). This is aimed at giving business owners relief from the $10,000 federal SALT deduction cap imposed by…
Understanding the 1099-NEC: What Should and Shouldn’t Be Included
The 1099-NEC (Nonemployee Compensation) is a crucial tax form used to report payments made to independent contractors and other nonemployees. It was reintroduced by the IRS in 2020, specifically to handle nonemployee compensation that used to be reported on the…
How Do I Prepare Your Tax Return?
Here’s a summary of what to expect when I prepare your return:
Kansas PTE and SALT: How It Works for Pass-Through Entities
In an effort to help business owners circumvent the federal State and Local Tax (SALT) deduction cap, Kansas passed legislation allowing pass-through entities (PTEs) to elect to pay taxes at the entity level. This offers significant tax savings for business…
Tax Consequences of Being an Uber, DoorDash, or Instacart Driver
If you’re driving for services like Uber, DoorDash, or Instacart, you’re considered an independent contractor, not an employee. This has several key tax implications: While being your own boss has its perks, the tax responsibilities can add up quickly. Make…
Deductibility of Auto Mileage on a Schedule C
When you’re a self-employed individual or small business owner filing a Schedule C, deducting auto mileage is an excellent way to save on taxes. The IRS offers two ways to calculate the deduction: the standard mileage rate or actual expenses.…