Business Taxes

The number of content creators on social media have ballooned and advertising departments have noticed.  Sending their products to creators to evaluate is one of the most cost effective ways to get your name out their to an audience that is willing to listen.  

What a lot of new creators fail to address is how to handle these 'gifts' from a tax standpoint. So let's review the rules and IRS regulations that pertain to this subject. Here is an example situation to begin the discussion:

If you travel for your job, you probably have to deal with per diem rates or the amounts that you can deduct for your travel expenses.  Here are the latest rates for the next federal fiscal year:

Another burden the federal government wants to impose in the name of finding tax cheaters is the requirement to report who owns your business.  While many businesses are already required to report this type of information (financial firms, large corporations), this law imposes it on the rest of us - mainly small businesses who have their business registered with the state.  

In October of 2023, the IRS announced a 

The main function of all the activities at Seagull Technologies Inc is to education the small business community.  Here is an example of just hiring someone to take care of some of your business functions and not knowing if they are doing it right can cost you big time: