Who’s Afraid of the Big Bad Wolf?
I just attended an intensive training program on dealing with the IRS. One of the instructors, at prominent tax lawyer, said that, based on his experience, about 15% of the U.S. population becomes functionally illiterate when they receive an IRS letter. Another 5 – 10% breaks out in a cold sweat and many are afraid […]
I’ve Got Your Six
In the fighter business, when you go into combat, you go as flight of four aircraft to provide each other mutual protection. When you are in a three dimensional environment it is very difficult to keep an eye on everything you must in order to protect yourself. Fighters in combat fly in a tactical spread […]
Income and self employment taxes for small businesses
Small business taxes Federal taxes: income and self employment taxes Impact on personal income tax. When you own and operate your own business, in almost all cases [the exception is a C Corporation], the income or (loss) from the business passes through to your individual income tax return (Form 1040). Business income increases the […]