Meals & Entertainment FAQ

Meals & Entertainment FAQ

Q: What are tax deductible business meals? A:  Tax deductible business meals are meals that are primarily for business purposes and are ordinary and necessary expenses of running a business.   Q: What percentage of business meal expenses are tax deductible? A:...
W-2 Employee vs. 1099 Contractor

W-2 Employee vs. 1099 Contractor

Classifying a worker as a W-2 Employee vs. a 1099 Contractor has significant tax and other consequences on both the worker and the business/organization. However, the consequences should not drive the classification determination. Instead the classification should be...
Business vs Hobby

Business vs Hobby

When it comes to earning income from a side gig of any sort you are in one of two worlds: Business Income or Hobby Income. There are advantages and disadvantages to each classification. If you are in the business of fill-in-the-blank, you are able to deduct all...
Backdoor Roth IRA?

Backdoor Roth IRA?

What is a Backdoor Roth and should I walk through it? If your income is too high to contribute directly to a Roth IRA, you may be a good candidate for using the Backdoor Roth strategy. There are some trap doors though! To learn more, start by reading this...