Sandra Tapia, CPA, PLLC

Some great low-start-up cost business ideas in here, but remember... Starting a business also means bigger tax responsibility. Let's talk about what the IRS expects of you as a business owner and how to set you up for success with the right tax structure.

https://www.inc.com/chris-morris/7-small-business-ideas-you-can-start-for-less-than-10000/91349155

When someone says, "we do Summer Fridays" we always want to know... what does that actually look like for you?

A) Out the door by noon, no looking back
B) Working from somewhere with a better view
C) Same amount of work, just with a better playlist
D) What's a Summer Friday? I own a business. 😅

Drop your answer below!

And if you answered D, you might need us more than you think.

How To Hire An Intern For The Summer For Your Texas Business

How To Hire An Intern For The Summer For Your Texas Business Ready to hire an intern for the summer? Learn how to correctly classify and pay your interns to stay 100% compliant with IRS rules.

If you travel for your business, here's what you need to know about deducting it correctly.

1. Transportation: Flights, rental cars, rideshares, and mileage driven in your own vehicle are all deductible when the trip is primarily for business.

2. Lodging: The full cost of accommodations for the nights you're there for business. Extended personal days aren't deductible, but the business nights are.

3. Meals: 50% of meal costs during a business trip are generally deductible, even meals with just yourself. You don't have to be entertaining a client for this one to apply.

4. Other expenses: Baggage fees, wi-fi, business calls, tips - the smaller expenses add up and are all potentially deductible when properly documented.

The rule that protects every deduction: Document the business purpose, dates, destination, and amount for every expense. A quick note on a receipt takes 30 seconds and makes the deduction airtight.

One more thing to remember: the trip has to be primarily for business. Adding personal days is fine, but business needs to be the main reason you went.

Business travel is one of the most valuable deductions available to self-employed individuals. But you need to do it correctly.

𝙃𝙤𝙬 𝙢𝙪𝙘𝙝 𝙨𝙝𝙤𝙪𝙡𝙙 𝙄 𝙥𝙖𝙮 𝙖 𝙨𝙪𝙢𝙢𝙚𝙧 𝙞𝙣𝙩𝙚𝙧𝙣?
Start with what’s fair for the work and realistic for your business.

A good college intern pay rate should account for:
• What similar businesses in your area are paying
• Whether the role requires special skills or education
• How much training and oversight the intern will need
• Whether your budget can support the role well

If you’re bringing on an intern, the arrangement should focus on training, mentorship, and real learning experience, while also giving your business a better way to build future talent.

In this economy, side hustles are more common than ever. Freelance work, consulting, selling online, driving for a rideshare, mowing lawns, tutoring... If you're generating income outside of your regular job, congratulations!

But your tax situation just got more complicated. Here's what you need to know...

1. Your side hustle income is fully taxable (all of it). Every dollar your side hustle generates is reportable income regardless of whether you receive a 1099. If you were paid in cash, Venmo, PayPal, or any other method, it still counts. The IRS doesn't differentiate based on how the money arrived.

2. You owe self-employment tax on top of income tax. Your W-2 employer handles payroll taxes on your regular salary. Your side hustle income? Nobody handles that for you. You pay self-employment tax (15.3%) on top of whatever income tax applies to that additional income.

3. You may need to make quarterly estimated payments. If your side hustle generates enough income that you'll owe $1,000 or more in taxes for the year (and your W-2 withholding won't cover it) the IRS expects quarterly payments. You can also address this by adjusting your W-2 withholding to cover the additional liability, which is sometimes simpler.

4. Your side hustle deductions need to be documented. Equipment purchased, a dedicated workspace, software subscriptions, mileage driven for client work, professional development directly related to your hustle, etc. are all potentially deductible. The key is keeping records from the beginning.

5. Keep your side hustle finances completely separate. Open a separate bank account and use a dedicated card for all side hustle income and expenses. It makes your bookkeeping dramatically simpler and your deductions dramatically easier to defend.

6. Watch your total income picture. Your W-2 income and your side hustle income are both reported on the same return. Combined they determine your overall tax bracket, your eligibility for certain deductions and credits, and whether your total withholding is keeping up with your total liability.

As your side hustle grows this picture gets more complex and more worth reviewing with a professional.

𝘿𝙤𝙚𝙨 𝙜𝙚𝙩𝙩𝙞𝙣𝙜 𝙢𝙖𝙧𝙧𝙞𝙚𝙙 𝙡𝙤𝙬𝙚𝙧 𝙢𝙮 𝙩𝙖𝙭𝙚𝙨?
Getting married changes how the IRS views your finances, but it doesn’t guarantee a lower tax bill.

For some couples, filing jointly can open up planning options. For others, filing separately may be the better option, especially when one spouse has high out-of-pocket medical expenses or other complications to their tax situation.

Getting married can change your...
• Filing status
• Tax bracket
• Credits you qualify for
• Deductions you can take
• Retirement savings options
• Workplace benefit choices

Want to talk through whether filing jointly or separately is the best option for you? Or just see if there are ways to lower your tax bill now that you're married?

Comment MARRIED below to request an appointment to talk this through.

The taxability of your rental depends mostly on how many days the property is occupied by guests versus how many days you use it yourself.

If you rent your space for 15 days or more, every dollar earned is subject to standard income tax rates and must be reported on your tax returns. You also become eligible to deduct the ordinary and necessary expenses of managing the rental.

Here are 3 things to be sure to keep record of when it comes to your short term rental:
1. Every date the property was rented.
2. Every date you used the property personally.
3. Detailed receipts for all related expenses.

𝘾𝙖𝙣 𝙮𝙤𝙪𝙧 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙡𝙚𝙜𝙖𝙡𝙡𝙮 𝙤𝙛𝙛𝙚𝙧 𝙖𝙣 𝙪𝙣𝙥𝙖𝙞𝙙 𝙞𝙣𝙩𝙚𝙧𝙣𝙨𝙝𝙞𝙥?

Not every internship can be unpaid. The main question is: 𝘞𝘩𝘰 𝘣𝘦𝘯𝘦𝘧𝘪𝘵𝘴 𝘮𝘰𝘴𝘵 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘢𝘳𝘳𝘢𝘯𝘨𝘦𝘮𝘦𝘯𝘵?

For an internship to be unpaid, the intern’s learning and career development needs to be the primary focus. The work should feel more like training than filling a role your business actually needs done.

A few things to think through:
• Is the training similar to what they’d get in a classroom?
• Are they learning, or mainly covering regular work?
• Are they replacing someone you’d otherwise pay?
• Is there a clear understanding that no job is promised afterward?

Sandra Tapia and Brandon Jordan lead our firm with one goal in mind: helping clients succeed.

Together, they lead and equip our team to deliver trusted financial guidance, personalized service, and solutions that help businesses thrive. Their focus on teamwork and client-first leadership ensures every client feels supported and confident in their financial decisions.