Is there anything quite like the power high of starting your own online business? Especially when things are going well, it’s just amazing to see your profits growing and think, “I did that?!” We’re all for enjoying the heck out of this power high. You’ve earned it—you should enjoy it! However, it does come with…
3rd Quarter Roundup
Can you believe we’re already halfway through Q3? If you’re like us, summer has rushed past you in a blur of fun, sunscreen and barbecue smoke. (Somehow all that time we’ve spent relaxing made it go by even faster!) Hard to imagine during these dog days of August, but in just a few weeks, we’ll…
Didn’t Collect Sales Tax Last Year? It’s Totally Fine! (for now)
If you didn’t collect and remit sales tax in your Amazon FBA biz, this new tax amnesty program lets you off the hook. Yes, really! Amnesty for back business taxes you didn’t pay? Yes please! The Multistate Tax Commission (which you probably haven’t heard of before now) recently created a program offering sales tax…
Ask Marilyn: What to Do with a Financial Windfall
When was the last time you got lucky? …No, not like that. Keep that information to yourself. We’re talking about “getting lucky” as in an unexpected windfall. A check from grandma. An unexpected inheritance. A winning lottery ticket. Buried treasure unearthed by your dog. Last month, one of our TBL Profit Planners emailed with a fun puzzle…
The 1099-K: Everything You Wanted to Know (but were afraid to ask)
With tax season in the offing, we’ve been fielding a lot of questions about one particular bit of IRS business: Form 1099-K. Maybe you received one of these in the mail and were like this: via GIPHY Don’t worry. The 1099-K is informational in nature. The IRS sends it to you to help make sure that…
Extra, Extra! IRS Issues New Date for Filing W-2s
Put this on the list of the things you don’t want to remember the morning you wake up from New Year’s Eve. The IRS has changed the deadline for employers to file W-2 forms to the Social Security Administration. The deadline is now January 31. [Tweet “Mark your calendars: the new deadline for employers to file…
Can I Write It Off? – Donations / Monetary Gifts to Your Business
How does the IRS feel about family/friends helping you out? It was 11.13am on a Tuesday. I was sitting cross-legged on the floor in front of my laptop, listening to Dave Brubeck, banging out some work, looking forward to lunch. My caffeine buzz was wearing off, so I got up to make another cup of…
“Can I Write It Off?” – Business-Related Gifts
Wondering if you can write off business-related gifts on your 2016 tax return? Here’s everything you need to know. Say what you will about the commercialism of Valentine’s Day, it’s great for working folks! Our office was awash with chocolates, cookies, flowers, cards, and boxes of those chalk-textured conversation hearts. (#FunToRead #GrossToEat) Of course, we sent our…
The IRS Has Made a New Year’s Resolution
The IRS has made some important updates to US tax code for 2016. Have you ever thought about how a New Year’s resolution isn’t just for the person who makes it? Think about it. A change in one person’s life affects everyone close to them. If your spouse decides they want to go back to…
VAT Tax Updates + Tools for Digital Product Sales
If you sell digital products overseas, the European Union (EU) has passed updates to the VAT tax that will affect you and your accounting. If you are unfamiliar with the VAT, here’s a down and dirty overview. VAT stands for Value Added Tax. In this system of taxation, goods and services are taxed at each step…