Tag Archives: Taxes

Taxes

How can I save on tax with charitable donation bunching?

Posted on by Revel CPAs
charitable donations
12
Dec

The IRS has two approaches to general income tax deductions: the standard deduction or itemized deductions. The standard deduction is a set amount deducted from your income before you’re taxed. It’s sort of the ‘hassle-free’ option when it comes to your return. Since the Tax Cuts and Jobs Act (TCJA) of 2017 increased the standard […]

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Taxes

Why you should start your year-end tax planning now

Posted on by Revel CPAs
year end tax planning for creative business
09
Nov

So, let’s kick off this blog with some bad news. There are very few changes you can make after year-end to positively impact your tax situation. Why? Because many deductions and tax planning strategies have to be implemented during the tax year (or at least by December 31). The best time to get things in […]

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Taxes

Hey, why do I have a penalty if I filed an extension?

Posted on by Martin Kamenski
tax penalty, file extension
07
Oct

Have you ever filed an extension for your tax return but still received a penalty from the IRS? Well, you’re certainly not the first to assume that filing an extension prevented a penalty. It’s particularly frustrating if you thought you were playing by the administrative rules. Being on top of your admin and your finances […]

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Business/Growth, No Surprises, Taxes

Why a mid-year tax check in is a ‘must have’ for your business.

Posted on by Cherish Parker
30
Sep

Basing your tax return on government estimates can cost you in more ways than one Being a business owner is an incredible achievement. Whether you’re a freelancer,  self-employed or have a team of employees—serious kudos for making your skills pay. We’re willing to bet that if you’ve made a business out of it, then you […]

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Business/Growth, Integrated Technology, Taxes, Xero How-To

How can I manage expenses for my creative business?

Posted on by Martin Kamenski
31
May

You started your creative business because you were following your passion. Surprisingly enough, that passion wasn’t expense management. But, in order to build a long-term, sustainable career doing what you love, good accounting is vital. Here are our top three tips for managing expenses so you can stay compliant and stay profitable as you grow […]

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Business/Growth, Your Biggest Fans

How do I choose the best structure for my creative business?

Posted on by Martin Kamenski
28
Apr

Choosing your business structure is a hugely important step in your entrepreneurial journey. Whether you’re an LLC or Sole Proprietor, C-Corps or Partnerships, your business structure will impact how you pay your taxes, distribute your profits, and even your day-to-day operations! So how can you be sure you pick the right one? Here are some […]

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Business Current Events, Taxes

I missed my 1099s deadline. What do I do now?

Posted on by Martin Kamenski

You’ve just received a heartstopping email. One of your vendors is asking why you didn’t send them their 1099. The deadline has long since passed, and now you’re half expecting the IRS to bang down your door threatening audits and penalties. What do you do? Don’t panic Around February of every year, we see a […]

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Business/Growth, Taxes

How do I make a plan knowing my book royalties aren’t forever?

Posted on by Martin Kamenski
02
Mar

There’s nothing more thrilling than opening your first royalty check. The hours and hours of hard work you put into your book are coming to fruition, and now you have a nice juicy deposit for the bank. But, soon after that excitement, the doubt starts pouring in. How can you live off one or two […]

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Business/Growth, Taxes

How do I turn my hobby into a creative business?

Posted on by Martin Kamenski
creative business cpa
15
Feb

What’s the difference between a hobby and a business? For most of us, this line can get pretty blurred, especially when you’re striving to build a business out of your creative passion. But, in the eyes of the IRS, there’s a very clear distinction: Businesses can offset losses against money they make elsewhere. Hobbies can’t. […]

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