Tim "The Tax Man" Thompson

Vacation or Write-Off? Navigating the Balance Between Leisure and Business Deductions

Learn the strict IRS rules on writing off vacation expenses as business deductions! Read the article here [https://timthompsoncpa.com/blog/vacation-or-write-off-navigating-the-balance-between-leisure-and-business-deductions-part-2]

Mixing Business with Pleasure: Navigating Personal Days on business Trip (Part 1)

In Part 1 of our series on mixing business with pleasure, we explore the complexities of navigating personal days on a business trip. Read the article here [https://timthompsoncpa.com/blog/mixing-business-with-pleasure-navigating-personal-days-on-business-trip-part-1]

The Gig is Up: A Comprehensive Look at Worker Classification in Today’s Economy

Deciphering worker classification can be daunting in today's gig economy landscape. In this episode, we explore the IRS's guidelines, shed light on gray areas, and provide invaluable tips for businesses to ensure they're compliant with federal, state, and local standards. Equip yourself with knowledge and stay on the right side of the law. Read the article here.  [https://timthompsoncpa.com/blog/the-gig-is-up-a-comprehensive-look-at-worker-classification-in-todays-economy]

How do I file taxes after my spouse passes?

In this episode, I address a more serious common question about which filing status to use after a spouse's passing. Read the article here.  [https://timthompsoncpa.com/blog/how-do-i-file-taxes-after-my-spouse-passes]

The Tax Perks of Hiring Your Kids!

In this episode, I discuss the common question of whether you can hire your kids in your business. I provide insights into the legal aspects, tax breaks, and considerations you need to keep in mind. While the answer may seem straightforward, there are nuances and exceptions that you should be aware of. Join me as I break down the topic and provide valuable information for business owners. Read the article here! [https://timthompsoncpa.com/blog/the-tax-perks-of-hiring-your-kids]