A lot of us fancy having our own business. The idea of being your own boss is quite a strong motivating factor. But there is no denying the fact that you have to take care of most of the factors in self-employment. Here are the top 10 tax related question for self-employed individuals along with their answers.

  • Can I avail home office deductions?

Self-employed individuals usually skip out this part with the fear of increasing their chances of being audited. However, more than 50% of businesses run from an office at home. So, you need your bother yourself with any probabilities of audit as long as you are following the ground rules. The space that you use exclusively for your business requirements is only eligible for any write offs.

  • Can I deduct auto expenses?

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Kat Jennings

TaxConnections is excited to announce we will be releasing Taxexpedia, an updated version of Ask Tax Questions, to the world of Tax CEOs, CFOs, and VPs during the 4th quarter of 2016. We will be helping management of organizations, large and small, connect with tax experts who can assist them with a wide range of tax problems.

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Kat Jennings

Recently, I read a quote that caught my attention and it was “The two things in life you are in control of is your attitude and your effort”. January is the perfect time for refreshing the minds of your tax organization that each of us is in control of our attitude and effort.  This is the opportune time to help your team get on track with their goals for the year. The best strategy to employ for getting your team on track is to identify what will motivate every unique person in your tax organization.

People are extremely motivated to achieve if this means they can get what they want and need! After asking thousands of tax professionals what motivated them to stay and succeed with a tax organization or conversely leave a tax organization, I identified  triggers for motivation. The most important thing to remember is people in your organization have different needs. In 1943, American psychologist Abraham Maslow was  best known for creating a theory of psychological health predicated on fulfilling innate human needs: self-actualization needs; self-esteem needs; belonging needs; security needs; and physiological needs. I am going to break down the 5  needs people in a tax organization display according to Maslow’s theory and my experience.  When you identify the individual needs of your tax team and work with them fulfilling their desires,  the result is increased motivation and productivity in your tax organization.


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Beneficial Ownership Registries and Automatic Exchange of Information

We first posted UK mini-FATCA Agreements Spells The End for UK Tax Haven Territories!, on Monday, November 26, 2012, where we discussed that the UK government is about to reveal legislation imposing automatic client disclosure provisions on financial institutions in the Crown Dependencies and British Overseas Territories.

The draft, described as a UK version of the US Foreign Account Tax Compliance Act (FATCA), is said to mandate the automatic reporting of financial and beneficial ownership information for each account of each offshore financial institution to the UK’s HM Revenue and Customs.

The draft agreement requires the automatic exchange of information for each reportable account of each reporting financial institution. That will include full details of all beneficial owners of the account, including those whose identities might otherwise be hidden by trusts or companies.  It will also requires the account number, name and identifying number of the reporting financial institution as provided when registering with the IRS for FATCA purposes, and the account balance or value as of the end of the relevant calendar year or other appropriate reporting period or, if the account was closed during such year, immediately before closure. Read More

Tax Brand Visibility is an important concept for you to understand because if you do not have strong visibility online, no one knows you exist! Tax professionals with a smart tax branding strategy will get noticed and hired long before anyone else! Do you realize you can create a strong tax brand in less than thirty minutes? Do you realize that you most likely do not even have control of your very own tax brand right now? Someone else probably controls it and you need to take it back to increase your business opportunities. You need to pay attention to what I am about to teach you!

After spending months studying a secret you are about to learn, I am going to open your eyes to a huge obstacle to your success as a tax professional! Go online and conduct a search for yourself. How many clicks does it take to find you? What does a person have to go through to connect with you? Can someone only find you if they go through a site and pay to access you?  More than one billion times a year people go online for tax help so it is important to understand how one billion potential consumers of your tax expertise find you. Do they have to pay to find you? How many clicks does it take to find you?  Do you control access to your tax professional profile in one or two clicks? Do you realize 99% of consumers walk away when they realize they must pay to find your contact information?  Did you know you can now take control of your tax brand and people can find you in one click for free?

Recently, I contacted the Partner of a Big Four Firm and told him that I could not connect with him online after 20 clicks! That is more effort than most people would put forth to find him. I told him he was missing Read More