Welcome to another episode of Tax Sherpa Stories. Today, we delve deep into the world of K-1s, a tax form that many solopreneurs and small business owners come across but may not fully understand.

Key points covered:

If you've ever wondered about how your business structure or investments might be affecting your tax situation, this episode offers vital insights. From S Corporations and partnerships to passive vs. active income and the challenges of basis, this episode is packed with information to help you navigate the tricky terrain of K-1s.

Stay tuned to the end for a sneak peek into our next episode's topic about Schedule C filing and its implications for your business.

🔗 Got Questions? Talk to us: https://taxsherpa.com/discovery

This episode is Tax Sherpa Stories about people who have been hit with audits because of their tax preparers, and how you can avoid the same fate.   

Don't be like Alice & Bob that caught a $10,000 fine!  

#taxsherpa #taxes #stories

Check the full post with links and images at https://leofinance.io/taxsherpa/@nealmcspadden/tax-sherpa-stories-episode-2-are-401ks-a-scam

Episode 2 was a great one. We talked about some 401k stories, a bit about the history of the different retirement plans over the past 100 years, and how the 401k has actually worked out (or not) for people since the ERISA act in the 1970s.

#taxes #retirement #stories

For full post with images go to: https://leofinance.io/@nealmcspadden/tax-sherpa-stories-episode-1-the-time-i-owed-usd1-000-000-to-the-irs 

Welcome to the first episode of Tax Sherpa Stories, where I share with you stories from the front lines of the tax world, current events that affect tax, finance, and markets, and a whole lot more.  

On this episode I share my personal story with taxes and how I owed the IRS over $1,000,000 and then went on to pay none of it. Despite the stress that all caused, it led me to where I am today.  

In the live Q&A portion, we went over some of Biden's proposed tax policy changes and how that might affect things. Nothing is set in stone and he's not even in office until tomorrow, but these are things we all need to stay aware of.  

#taxsherpastories #taxes #irs #smallbusiness