An ink drawing of a cash register with icons representing nexus, tax rates, registration, and filing.

Understanding Sales Tax Compliance for Online Sellers

Sale Tax, Business TaxOctober 29, 20240Comments
The internet has revolutionized commerce, allowing businesses to reach customers across state lines and even internationally. This expanded reach brings incredible opportunities but also new complexities, particularly when it comes to sales tax. For online sellers, understanding and complying with various state sales tax laws is crucial for avoiding penalties and maintaining a healthy business.…

Read More

A graphic depicting a magnifying glass revealing the beneficial owner of a company.

Unveiling the Mystery of Beneficial Ownership Information: What Businesses Need to Know

Business Tax, Tax LawOctober 28, 20240Comments
As your trusted advisors at XOA TAX, we often get questions about seemingly complex regulations. One topic that frequently pops up is beneficial ownership information. While it may sound like something only high-powered corporations need to worry about, understanding beneficial ownership information (BOI) is crucial for many businesses. Let's break down this important concept and…

Read More

A person navigating a maze of documents using a key labeled "Organized Record-Keeping."

Record Keeping: A Comprehensive Guide for Businesses

Running A Business, Business TaxOctober 28, 20240Comments
As a CPA at XOA TAX, I've seen firsthand how easily businesses can get bogged down in the details of financial record-keeping. It's easy for documents to pile up and become overwhelming. But trust me, having a solid system for organizing and retaining your records isn't just about neatness; it's a critical component of your…

Read More

A vibrant block illustration showing an influencer surrounded by various freebie items, with the word "INCOME" subtly incorporated into the design.

Wait, I Gotta Pay Taxes on That?! A Guide to Freebies and Influencer Taxes

Business Tax, Individual TaxOctober 28, 20240Comments
Hey there, fellow creators! It's your friends at XOA TAX, here to help you navigate the exciting (and sometimes confusing) world of influencer taxes. You're crushing it out there, landing those sweet brand deals, and getting showered with free goodies. Awesome, right? But hold on a sec – ever wondered if those "freebies" actually come…

Read More

A hand holding cash with the shadow of the IRS logo looming large.

Illegal Income: Why the IRS Cares About Your Side Hustle

Business TaxOctober 28, 20240Comments
We've all heard the saying "nothing is certain except death and taxes." But did you know that the IRS takes this quite seriously, even when it comes to income earned through less-than-legal means? That's right, whether your side hustle involves selling handmade goods or something a bit more "underground," the IRS expects you to report…

Read More

A scale balancing "Salary" and "Distributions" with "Reasonable Compensation" as the foundation.

Determining Reasonable Shareholder Salary for S Corps in 2024

Business Tax, Business Structure, PayrollOctober 28, 20240Comments
Running an S corporation comes with a unique set of advantages, especially when it comes to minimizing your tax burden. One of the most critical aspects of S Corp taxation involves determining a reasonable salary for yourself as a shareholder. It's a delicate balance – you want to keep your self-employment taxes low, but also…

Read More

A hand holding a magnifying glass over a stylized Form 2553.

S Corp Election: Reducing Self-Employment Tax in 2024

Business Structure, Business TaxOctober 28, 20240Comments
At XOA TAX, we're passionate about helping small business owners like you navigate the complexities of the tax world. One topic that often comes up is the S Corporation election, or S Corp. Many people mistakenly believe an S Corp is a separate type of business. It's not! Think of it as a special tax…

Read More

A calendar year with building blocks representing each month, labeled with "Tax Planning" and icons for "Income," "Deductions," and "Tax Credits."

Tax Planning Strategies for the 2024 Tax Year

Tax Planning, Business TaxOctober 28, 20240Comments
As we head into the final stretch of 2024, it's the perfect time to shift our focus towards tax planning. At XOA TAX, we believe that tax planning isn't just a year-end activity, but an ongoing process that can significantly impact your financial well-being. By taking a proactive approach and implementing effective strategies, you can…

Read More

A graphic illustration of a dollar bill split in two, representing double taxation on corporate profits and dividends.

Understanding Double Taxation for C Corporations in 2024

Business Tax, Business StructureOctober 28, 20240Comments
As a business owner, optimizing your tax strategy is always a top priority. One concept that often causes confusion, especially for C corporations (C corps), is "double taxation." At XOA TAX, we're well-versed in the complexities of the tax code and can guide you through this potentially challenging aspect of business taxation. Let's explore what…

Read More

A graphic illustration of a homeowner juggling a house, calendar, dollar sign, and legal documents, representing the complexities of the Augusta Rule.

The Augusta Rule: Tax Loophole or IRS Trap?

Tax Planning, Business Tax, Real Estate TaxOctober 27, 20240Comments
Understanding the Nuances of Section 280A(g) As a CPA firm, we often get questions about unique tax strategies, and one that frequently comes up is the "Augusta Rule." While it may sound like a dream come true for homeowners looking to make some extra cash, it's crucial to understand the intricacies of this rule to…

Read More

Do you wish to continue with the call?

Not now
Yes

Please provide your phone number and we will contact you within 2 hours

Cancel

You have successfully submitted your phone number

Close

Please provide your phone number and we will contact you within 2 hours

Cancel

You have successfully submitted your phone number

Close