The creeping Internet tax grab continues. If you sell on the Internet, then this is a tax you need to watch closely. There are now 18 states that require you to collect and pay sales tax for digital downloads. This isn’t just a tax for iTunes, it’s a tax for ANY digital downloads which includes special reports, audio products, webinars, you name it. The wider implications of this creeping nexus may surprise you.

read more

In the years to come, it’s going to be even more important to create passive income. Face it - who doesn’t want money that shows up whether you work or not. Plus, all the new taxes are hitting active income much harder. Forget the benefits of not having to trade time for money - you’ll want to grow passive income for no other reason than you can pay a whole lot less in taxes!

Here are some stories of how some of my other clients have turned underutilized assets (assets just sitting around) into cash. Nice!

read more

Are you a California resident or business owner? Do you live near the Oregon border or shop online? Do you file a use tax report on the items you buy in sales tax-free Oregon or online? Then the California Board of Equalization wants to hear from YOU! (And you don’t really have a choice in the matter).

read more

Most beginning business owners want the simplest business structure they can get. Chances are if you went to your attorney to ask what to form, you’d be advised to form an LLC (limited liability company).

That’s good advice. But, your choice doesn’t end there. You also need to decide how the LLC will be taxed. If you don’t make that choice, the IRS is all too happy to make it for you.

In the case of a single member LLC (one owner), the IRS will default your lLC to a Sole Proprietorship.

That means you will:

• Pay more tax

read more

I just finished up my personal income tax return. Tax accountants always do their own tax return first, or last. In between, clients come first.

I use expensive ( > $5K) tax software and have to renew it every year at that price. The problem is that tax software is always written on the fly. Tax season IS the beta test. So, if you don’t know how a tax return should look and where items should be reported and flowing, chances are good your return is going to have some problems.

read more

If you’re tired of paying too much in tax from your business or investments, consider upstreaming. Join me for a brand new Online Workshop and learn about two strategies that might work for you.

read more

Budget cuts, employee layoffs and shortened work weeks and hours at the state level mean much longer times to get new structures set up. That delay could mean you have to wait one more year before you get to take advantage of your tax savings.

If you’re tired of paying too much in taxes, drop a note TODAY to Richard@USTaxAid.com.  We can save you serious tax money this year (recent savings as much as $200,000 per year for a client!), but we need much more time for the year-end planning than in the past.

Don’t wait one more year.  Make 2009 the year you pay less in tax!  If your income is down, you may qualify for an accelerated loss program that gives you refunds on past years.  Ask us how by calling 888.592.4769

Many times new investors or business owners jump into a new idea without thinking about all the costs involved for business structures, accounting & tax. Avoid these tax time surprises! Join me for this brand new online workshop to learn more.

read more

Starting a business to earn extra income is a great way to earn extra income But did you know the tax savings can put even more money in your pocket?

read more

The Best Asset Protection Protects Your Business From YOU!

As soon as you start a business, you’ve got a liability issue. That’s because a business puts everything you own at risk. In fact, it’s not whether the business needs a business structure like an LLC, S Corporation, C Corporation or Limited Partnership to save on taxes. In the beginning, the business structure is to make sure any business issues stays IN the business.

Here’s a true story pulled right out of my new book “Smart Business Stupid Business”, co-authored with business structure expert Megan Hughes:

read more