April 2024

Those who make more than $400,000 aren't the only people the IRS is looking at regardless of what you hear in the media.

The IRS believes that sole proprietors' underreporting of income and overreporting of expenses cost the government about $182 billion of projected lost revenue not paid voluntarily in tax year 2021 alone.  This figure doesn't even take into consideration underpaid or unpaid self-employment taxes.

Here are some of the suggestions that government auditors are looking at to lower noncompliance:

Through snow, rain, heat and gloom of night has been the saying for the U.S. Postal Service for nearly 250 years. Although that core task remains the same, that doesnt mean everything else stays the same in 2024.

Here are five things that will be different at USPS this year.

1. Stamp prices are going up

I wanted to take a moment and introduce you to our latest business partner:  LearnWorlds

LearnWorlds  is the best online course platform for creating, selling and promoting your online courses and very competitively priced.  Don't you think it's time to start monetizing your skills, experiences and your audience?

When working on people's taxes and have them have a balance due after starting that new job, I have to have a conversation explaining how the new W-4 form works.  You know, that form you have to fill out to tell your employer how much money to withhold from your paycheck to cover your tax liability.

If you don't like owning taxes at the end of the year, then here are some things you should know:

The IRS tax brackets are probably the misunderstood part of the tax code.  Most people think that all of their income is taxed at the highest percentage that their income throws them into.  This is not true.  The income tax system in the United States is a progressive tax system. That means that different parts of your income is taxed at different rates.

A lot of small businesses hire independent contractors to do projects that don't require a regular full or part time employee. Part of that process can be have that person fill out a W-9 form so that you have the proper information to give them a 1099-NEC form the next January showing how much you paid them.

Small Business Week honors the people you work with who make a difference in the community. They provide a service, a product or both that might not otherwise be around if it weren’t for them. 

MyCorporation can help small business start, maintain and protect their business with confidence. Business Formation packages are created for all types of small businesses.