Frequently Asked Questions
As self-employed individual (1099 employee), what is the best way to save for my retirement?
Consider a SEP plan. One advantage of the SEP is that the upper limit is much higher than the IRA limits, and the rules are much simpler than 401k.
Can I deduct my student loan interest as a business expense?
No. Because the student loan is a personal loan, it can only be deducted as an education expense on your personal tax return. There are phase out limits for filing as single or married filing jointly.
What auto can be deducted in the year of purchase?
According to Section 179, the special depreciation allowance is $20.400 for vehicles with the manufacturer’s gross weight rating (GVWR) up to 6,000 lbs and $30,500 for sport utility vehicles between 6,000 - 14,000 lbs in 2024.
How can I easily keep track of my business mileage?
There is an app that you can subscribe to called MY MILES.COM. The cost is $7.50 a month billed annually. You can subscrIbe by going to MILEIQ.com or clicking on the following link:
https://try.mileiq.com/c/6361854/2157599/27542
How should I keep track of my income and expenses?
The leading provider of account software for single member LLCs is QuickBooks. You can subscrIbe by going to quickbooks.intuit.com or clicking on the following link to get an exclusive 30% off QuickBooks Online for 6 months:
https://quickbooks.partnerlinks.io/y5532zc9hatk
What is the best tax return software for filing with the IRS?
TurboTax is the industry leader of tax return software. We can help you with preparing all the require documentation and file your return using TurboTax.
Does the site get compensation for items on Amazon that it recommends?
Yes. From time to time, we will offer recommendations to products that will help you with your professional practice. Amazon Business provides compensation extending the affiliate relationship to our customers. Below is a link to the main York Management Services storefront on Amazon:
What is a good investment resource to read?
We advocate a very simple investment strategy called level investing. This means investing regularly and into a very low load stock index mutual fund. This strategy removes the need to actively monitor your investments because it will grow with the market over time and will allow your to sleep well at night. Below is a link to the book we recommend on the York Management Services storefront on Amazon:
Now that I can travel, what is a good travel pillow that will let me sleep on long flights?
With over-the-ear noise cancelling headphones
With regular AirPods
How do I get the best deal when I want to buy a car?
Before going to a dealership, do your research and get pre-approval from your bank. You want to focus on the out the door price. Don’t get talked into a monthly payment that you can afford. Watch the following video.
https://www.youtube.com/watch?v=nTAwk9sTpFg
What are business travel expenses according to the IRS?
Travel expense are the ordinary and necessary expenses of traveling away from home for business, profession, or job. The following link is from the IRS.
https://www.irs.gov/taxtopics/tc511
What is the difference between an LLC and a PLLC for a Form 1099 employee?
A PLLC (Professional Limited Liability Company) is for licensed professionals, like CRNAs, who must have ownership by licensed individuals and have state-level professional liability protection, while a standard LLC (Limited Liability Company) is more flexible and can be owned by anyone. The main difference lies in who can own and operate the business; PLLCs restrict ownership to licensed professionals, whereas an LLC's ownership is not restricted. Both offer similar liability protection from general business debts and pass-through taxation
Does the Tax Planning and Compliance fee charged by York Management Service include any support in the event of an IRS Audit?
Yes, York Management Services PLLC stands behind our tax planning and compliance work. In the event of an audit, all you have to do is to provide us with the IRS notice and we will take care of the rest. We subscribe to a premium service called Protection Plus that will handle every aspect of the audit.