LEGAL BUDDY NEWSLETTER: BUSINESS AND TAX TIPS AMG Counsel Attorneys & Advisors

How to Make Your Next Vacation a Tax Write-Off

One of the benefits of being a business owner is the ability to take tax deductions for business-related expenses. As you plan your next vacation, make sure you take advantage of all the tax write-offs that you are legally entitled to, and that includes the wonderful opportunity to save on taxes by turning your vacation into a tax deduction.

So how exactly do you turn your vacation into a legitimate tax deduction? The easiest way to demonstrate this is to go over a specific example of just how this can be done.

LLC for Rental Property: Protecting Your Investment

Choosing the right legal entity to structure your business can make all the difference in ensuring you are shielded from potential lawsuits and tax liabilities. One popular option for rental home investors is forming a Limited Liability Company (LLC).

Reporting Payments to Independent Contractors

How do I report income paid to an independent contractor?

If you pay independent contractors, you may have to file Form 1099-NEC, Nonemployee Compensation, to report payments for services performed for your trade or business. File Form 1099-NEC for each person in the course of your business to whom you have paid the following during the year at least $600 in:

What taxpayers should do when they receive Form 1099-K

If taxpayers receive a Form 1099-K, they should use that information with their other tax records to determine their correct tax liability. Taxpayers must report all their income on their tax return unless it’s excluded by law, regardless of whether they receive a Form 1099-K.

How Remote Entrepreneurs and Freelancers Can Take Advantage of US LLCs

Becoming a freelancer or digital nomad has become more popular since the pandemic, as more people leave corporate life to work on their own terms. As such, many are grappling with how best to offer their services — individually or through a company?

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