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Tax

Tax strategies, planning, and compliance for individuals and businesses

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August 14, 202611 min read

The 1099 From Amazon Is Not Your Income: A Self-Publisher's Guide to Reconciling KDP, IngramSpark, and Audiobook Royalties

Amazon KDP's 1099-MISC (issued at just $10 in royalties) reports payments on Amazon's calendar — not your income. KDP dashboard earnings, bank deposits, and the 1099 never match because of 60-day payout lags, returns, and Kindle Unlimited fund allocations, and IngramSpark sends no tax form at all. A monthly per-platform, per-title close reconciles all three and documents the differences as timing items before Schedule C.

Mike Thrift

bookkeepingtaxreconciliation

August 14, 202612 min read

Making Tax Digital for Income Tax: Half of UK Sole Traders Missed the First Quarterly Update — What to Do Before 7 November 2026

Only about 437,000 of the 864,000 UK sole traders and landlords in scope filed their first Making Tax Digital quarterly update by 7 August 2026 — close to half missed it. No penalty points apply this tax year, but HMRC begins forced enrolment in September 2026 and the next quarterly update is due 7 November 2026.

Mike Thrift

taxtax-compliancetax-deadlines

August 7, 20267 min read

Mexico's RESICO Regime: Simplified Taxes, Mandatory Monthly Compliance

Mexico's RESICO simplified tax regime offers 1–2.5% flat rates and no annual reconciliation, but requires strict monthly digital invoicing and a MXN 3.5 million income cap.

Mike Thrift

taxfreelanceself-employment

August 6, 20269 min read

COVID-19 Tax Penalty Refunds: Your Last Chance Before July 10, 2026

A small business owner's guide to filing Form 843 for COVID-era penalty refunds under the Kwong ruling, with step-by-step instructions and eligibility criteria before the July 10, 2026 deadline.

Mike Thrift

taxtax-compliancetax-deadlines

August 6, 202610 min read

Newsletter Writer Taxes: Schedule C, Quarterly Estimates, and When the IRS Calls It a Business

Self-employment income from newsletters triggers Schedule C filing, quarterly estimated taxes, and a critical 2026 IRS hobby-vs-business classification change worth tens of thousands of dollars over time.

Mike Thrift

taxself-employmenttax-planning

August 4, 20269 min read

India's Freelancer Tax Maze in 2026: How Section 44ADA and the GST Threshold Actually Work

Indian freelancers face two independent tax systems — Section 44ADA presumptive income tax (50% of gross receipts up to ₹75 lakh) and GST registration at the ₹20 lakh turnover threshold — plus Section 194J TDS withholding, and conflating the two is the most common costly mistake.

Mike Thrift

taxself-employment-taxfreelance

August 4, 202610 min read

The Mandatory Roth Catch-Up Rule: What Business Owners Over 50 Need to Know for 2026

Starting January 1, 2026, anyone whose 2025 FICA wages exceeded $150,000 must direct their entire 401(k) catch-up contribution — $8,000 standard or $11,250 for ages 60-63 — into a Roth account, with no pre-tax option and no opt-out.

Mike Thrift

taxtax-plannings-corp

August 4, 20269 min read

What It Actually Costs to Sell Your Business: Broker Fees, the Lehman Formula, and Hidden Costs

Business brokers and M&A advisors charge Double Lehman commissions of 10% down to 2% by tier, but minimum fee floors, non-creditable retainers, expense reimbursement, and tail clauses routinely add 5-20% on top of the quoted success-fee percentage.

Mike Thrift

business-acquisitionbuying-a-businesssmall-business

August 3, 20268 min read

From Gross Payout to Real Deposit: Reconciling Upwork and Fiverr Fees for Your 1099-K

Upwork and Fiverr 1099-Ks report gross payment volume before platform commissions and withdrawal fees are deducted, so freelancers must record both as separate Schedule C expense lines to reconcile reported income with actual bank deposits.

Mike Thrift

freelancetaxself-employment-tax

July 30, 20267 min read

ATO Interest Is No Longer Tax-Deductible: What GIC and SIC Now Really Cost Your Business

From 1 July 2025, the ATO's General Interest Charge and Shortfall Interest Charge are no longer tax-deductible — even on old tax debts. With GIC around 11% compounding daily, the after-tax cost of ATO debt jumped from roughly 7–8% to full sticker price. Here's how the incurred-date rule works and what to do about existing debt.

Mike Thrift

taxtax-compliancetax-deductions

July 30, 20266 min read

The IRS's First AI Rules for Tax Preparers: What Circular 230 Alert 2026-19 Means for Your Business

On June 24, 2026, the IRS Office of Professional Responsibility issued Alert 2026-19, its first guidance on AI under Circular 230. It requires human review of AI output, technological competence, secure handling of client data, written firm AI policies, and fees that reflect AI-driven time savings — here's what small business owners should ask their preparer.

Mike Thrift

taxtax-compliancetax-preparation

July 30, 20267 min read

Massachusetts Decouples from OBBBA: What R&D Expensing, Section 179, and Bonus Depreciation Changes Mean for Your Business

Massachusetts rejected four major OBBBA federal tax breaks — immediate R&D expensing, 100% bonus depreciation on qualified production property, the $2.5M Section 179 limit, and the EBITDA-based interest cap — and set a September 10, 2026 deadline to file amended 2025 state returns without interest charges.

Mike Thrift

taxtax-compliancetax-planning

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