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Are you ready to unlock more profit, minimize taxes, and grow your business with expert CPA guidance? Don’t let hidden tax opportunities slip away this year. 💡 Book your FREE tax strategy session today and keep more of what you earn! (businesses with revenues over $100k)

IRS Reinstates $20,000 / 200-Transaction 1099-K Rule—What It Means for Taxpayers IRS rules for Form 1099-K just changed, making life much simpler for small business owners, freelancers, and those selling online. Under the One Big Beautiful Bill Act, payment platforms like PayPal, Venmo, and Square now only issue a Form 1099-K if you process over $20,000 AND 200 transactions per year—rolling back the old $600 “one transaction” standard. If you sell on eBay, offer gigs, or receive payments via apps, this means fewer tax forms—and less confusion—but you must still report all taxable income. Don't rely solely on IRS forms: keep detailed sales records, download annual transaction summaries, and maintain receipts. For those nearing the thresholds: Use separate payment accounts for business. Track expenses (fees, shipping, supplies) to maximize deductions. Seek a CPA’s advice if you process high volumes or receive multiple forms. IRS penalties for inaccurate filings remain, so accurate recordkeeping is crucial. Recordkeeping and reporting responsibilities remain unchanged for non-1099-K income.

After years as a CPA, here's what I've learned about asset ownership: 💡 Most people either overcomplicate or underprotect. Let me show you how to get it right. ⚠️ The mistake I see constantly... People rush to form LLCs for everything without understanding when they actually help. Or worse...they create entities but don't maintain them properly. Result? They get the costs without the protection. Here's what actually works... 📊Under $500K net worth: 📊 --- Skip the complex entity structures. --- Get a $2M umbrella insurance policy instead. --- Cost: ~$300-500/year vs. $2K-5K for entities you don't need yet.​ Focus on building wealth, not complexity. 📈 $500K-$2M net worth: 📈 Now entity structures start making sense... ✅ Rental property with equity? Put it in an LLC before you have significant equity to protect.​ ✅ Business income over $100K? S-Corp election saves $15K-25K annually in self-employment taxes.​ ✅ Still keep that umbrella policy. Entities aren't bulletproof. 🏡 $2M+ net worth: 🏡 This is where strategic structuring pays for itself... ✅ Separate LLC for each major rental property (one lawsuit doesn't take down your entire portfolio)​ ✅ Trust planning to reduce estate taxes (40% above exemption limits)​ ✅ Coordinated multi-entity structure with professional guidance​ The insider secrets nobody tells you... 1. Timing matters Don't wait until you have $500K equity in a property to put it in an LLC. Transfer triggers "due-on-sale" clauses and refinancing costs. Structure it right from the beginning. 2. Maintenance is everything An LLC that mixes personal/business funds is worthless in court. Separate bank accounts. Separate bookkeeping. Annual filings. If you can't maintain it properly, don't create it.​ 3. Insurance + entities, not either/or Wealthy people use BOTH. The entity is your first line of defense. Insurance is your backup.​ 4. Retirement accounts stay personal Don't try to own your 401(k) through an LLC. It's illegal and will disqualify your entire retirement account.​ 🎯 My rule: 🎯 If the annual cost of maintaining an entity structure doesn't save you at least 3-5x in taxes or protect at least 10x in assets, you're probably overcomplicating it.​ The question to ask... ❌ Not "Should I have an LLC?" ✅ But "Does the protection/tax benefit justify the cost and complexity for MY situation?" Strategic doesn't always mean complex. Sometimes the smartest move is staying simple with good insurance until complexity pays for itself.

Oh Deloitte…

Are you ready to unlock more profit, minimize taxes, and grow your business with expert CPA guidance? Don’t let hidden tax opportunities slip away this year. 💡 Book your FREE tax strategy session today and keep more of what you earn! (businesses with revenues over $100k)

IRS Reinstates $20,000 / 200-Transaction 1099-K Rule—What It Means for Taxpayers IRS rules for Form 1099-K just changed, making life much simpler for small business owners, freelancers, and those selling online. Under the One Big Beautiful Bill Act, payment platforms like PayPal, Venmo, and Square now only issue a Form 1099-K if you process over $20,000 AND 200 transactions per year—rolling back the old $600 “one transaction” standard. If you sell on eBay, offer gigs, or receive payments via apps, this means fewer tax forms—and less confusion—but you must still report all taxable income. Don't rely solely on IRS forms: keep detailed sales records, download annual transaction summaries, and maintain receipts. For those nearing the thresholds: Use separate payment accounts for business. Track expenses (fees, shipping, supplies) to maximize deductions. Seek a CPA’s advice if you process high volumes or receive multiple forms. IRS penalties for inaccurate filings remain, so accurate recordkeeping is crucial. Recordkeeping and reporting responsibilities remain unchanged for non-1099-K income.

After years as a CPA, here's what I've learned about asset ownership: 💡 Most people either overcomplicate or underprotect. Let me show you how to get it right. ⚠️ The mistake I see constantly... People rush to form LLCs for everything without understanding when they actually help. Or worse...they create entities but don't maintain them properly. Result? They get the costs without the protection. Here's what actually works... 📊Under $500K net worth: 📊 --- Skip the complex entity structures. --- Get a $2M umbrella insurance policy instead. --- Cost: ~$300-500/year vs. $2K-5K for entities you don't need yet.​ Focus on building wealth, not complexity. 📈 $500K-$2M net worth: 📈 Now entity structures start making sense... ✅ Rental property with equity? Put it in an LLC before you have significant equity to protect.​ ✅ Business income over $100K? S-Corp election saves $15K-25K annually in self-employment taxes.​ ✅ Still keep that umbrella policy. Entities aren't bulletproof. 🏡 $2M+ net worth: 🏡 This is where strategic structuring pays for itself... ✅ Separate LLC for each major rental property (one lawsuit doesn't take down your entire portfolio)​ ✅ Trust planning to reduce estate taxes (40% above exemption limits)​ ✅ Coordinated multi-entity structure with professional guidance​ The insider secrets nobody tells you... 1. Timing matters Don't wait until you have $500K equity in a property to put it in an LLC. Transfer triggers "due-on-sale" clauses and refinancing costs. Structure it right from the beginning. 2. Maintenance is everything An LLC that mixes personal/business funds is worthless in court. Separate bank accounts. Separate bookkeeping. Annual filings. If you can't maintain it properly, don't create it.​ 3. Insurance + entities, not either/or Wealthy people use BOTH. The entity is your first line of defense. Insurance is your backup.​ 4. Retirement accounts stay personal Don't try to own your 401(k) through an LLC. It's illegal and will disqualify your entire retirement account.​ 🎯 My rule: 🎯 If the annual cost of maintaining an entity structure doesn't save you at least 3-5x in taxes or protect at least 10x in assets, you're probably overcomplicating it.​ The question to ask... ❌ Not "Should I have an LLC?" ✅ But "Does the protection/tax benefit justify the cost and complexity for MY situation?" Strategic doesn't always mean complex. Sometimes the smartest move is staying simple with good insurance until complexity pays for itself.

Oh Deloitte…