Tax Sherpa Stories Neal McSpadden

In this episode of the Tax Sherpa Stories, join Neal McSpadden and team as they dive into crucial tax topics in their January 16, 2024, Office Hours. Covering rental property taxes, the Corporate Transparency Act, life insurance tax implications, and more, this session offers a wealth of practical advice for small business owners and solopreneurs. Tune in for insights that could save you thousands and simplify your tax management.


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In today's episode of Tax Sherpa Stories, we delve into the recent resumption of student loan payments and the changes surrounding it. Discover the power of Section 127 of the Internal Revenue Code and how employers can leverage it to offer significant benefits to their employees. If you're an employee, learn how you can approach your employer with this strategy. Stay tuned for more tax insights and don't forget to subscribe for regular updates!

In this episode of Tax Sherpa Stories, we address a common misconception in the tax world: "I missed my window, and now it's too late to file." Drawing from personal experiences and professional insights, we discuss the importance of compliance, the consequences of missing deadlines, and the steps you can take to rectify past mistakes. Whether you've missed a year or a decade, there's always a way forward. Visit our website at taxsherpa.com for personalized assistance.

"Reimbursements or Revenue? The 1099-K Challenge for Small Businesses" 📈💼

Dive into the new 1099-K reporting rules and discover how they might affect your tax reporting as a solopreneur or small business. Join us in this episode of Tax Sherpa Stories as we unravel the complexities of these changes and guide you through the potential pitfalls.

Watch now and stay informed! ➡️

Join Neal, founder of Tax Sherpa, and Serena, our ops manager, as they discuss the latest IRS updates and what it means for solopreneurs and small businesses. Learn about the IRS's hiring blitz and how to best position your business to avoid undue scrutiny. Stay ahead of the curve with Tax Sherpa! Links mentioned in the video:

- IRS press release: https://www.irs.gov/newsroom/irs-announces-sweeping-effort

- IRS publication 1415: https://www.irs.gov/pub/irs-pdf/p1415.pdf

- IRS Linkedin: https://www.linkedin.com/company/irs/

Welcome to another episode of Tax Sherpa Stories. Today, we delve deep into the world of K-1s, a tax form that many solopreneurs and small business owners come across but may not fully understand.

Key points covered:
🔸 What are K-1s and why are they crucial for business owners?
🔸 The connection between basis, K-1 losses, and how they impact your personal tax return.
🔸 How the right strategies can help you maximize potential tax losses and save money.

If you've ever wondered about how your business structure or investments might be affecting your tax situation, this episode offers vital insights. From S Corporations and partnerships to passive vs. active income and the challenges of basis, this episode is packed with information to help you navigate the tricky terrain of K-1s.

Stay tuned to the end for a sneak peek into our next episode's topic about Schedule C filing and its implications for your business.

🔗 Got Questions? Talk to us: https://taxsherpa.com/discovery
📌 Don't forget to subscribe for more tax insights and strategies tailored for the modern business owner!