Growing Your Business

Business and Tax Tips for the Self-Employed: What are the Pros Saying?

4/3/2018

Tax season is here and we're sure everyone is busy getting their tax returns together. Today we're talking tips for the self-employed. Having your own business and being self-employed comes with the freedom of being your own boss, a flexible schedule and a slightly more complicated tax return. When you're a self-employed person, there's more to filing your taxes than completing a W-2. However, there are tax breaks that a self-employed person qualifies for that a W-2 employees don't get. In this month's #TaxBuzzChat, we're chatting with industry leaders, tax experts and small business owners to discuss business and tax tips for the self-employed.

Where do you see self-employed business owners making the biggest mistakes?
What are the best examples of self-employed tax deductions that are missed because of poor record keeping or just not understanding the tax laws?
What is your advice for dealing with individuals who are misclassified as independent contractors by their employer?
What is your best advice for a self-employed person who is just starting out?
What would you recommend as a retirement plan for self-employed individuals?
Seems these days everyone thinks an LLC is business entity. Do you think LLCs are misunderstood and over used? Would business liability insurance be a better option?
What local, state and federal regulations are most overlooked by the self-employed?
Many self-employed starting out in business lack money management skills and waste financial resources on perks when they should be thinking lean. What advice do you have for them?

These are just a few of the questions the pros discussed and debated in today's very active live Twitter chat session.

We know how busy everyone is, so thank you to everyone who took the time to participate! Be sure to check out the highlights of the chat below.

@TaxBuzzOnline will be hosting a #TaxBuzzChat on Twitter the first Wednesday of every month at 10am PT/1pm ET. Our next chat will be Wednesday, May 2nd. Don't miss out on the next hot topic! Tweet us if there are topics that you'd like to chat about or have questions about.

We have a lot of questions to go through today, so let's get started! Q1. Where do you see self-employed business owners making the biggest mistakes? #TaxBuzzChat #selfemployed #BusinessOwner pic.twitter.com/VDz8FQ9aTj

A1. Not taking advantage of Solo 401K plans.#TaxBuzzChat

Not keeping good records or paying attention to the nuts and bolts of running their business.

A1. Self Employment Tax frequently catches new Small Business Owners by "surprise" (shock). The 15.3% tax, in addition to income tax, results in a painful reality- it can be difficult to budget & create sustainability. #TaxBuzzChat

YES! They can plan for the income tax but this one is frequently a shocker their first time to experience it. #TaxBuzzChat

When I was in law school, an acquaintance of mine thought I'd be a good source of legal advice for setting up an LLC. It's much more complicated than asking a 2L how to do the articles of organization! #taxbuzzchat

Not sure I'd call it a 'mistake' per se, but I think it can be hard for self-employed biz owners to research and keep up to date on all the relevant tax requirements. Especially new entrepreneurs. #taxbuzzchat

A1 - the self-employed biggest mistake is to not care about finances (or getting information into a decent format) until #TaxTime. A little work throughout the year would make it so much easier. #TaxBuzzChat

A1. Novices frequently overlook the above-the-line health insurance deduction, that allows self-employed individuals to deduct their health insurance premiums without itemizing deductions or being subject to the 7.5% of AGI limitation on medical deductions.#TaxBuzzChat

A1. Many times, #selfemployed business owners fail to create a long-term planning strategy. "Instant gratification" creates a false sense of security and could, in the long-run, cause the business to self-destruct.#TaxBuzzChat

Great question. A1. Not enlisting the support of an #accountant with specialized expertise in small business accounting. It's vital to start with a strong foundation to avoid problems in the future. #TaxBuzzChat

Q2. What are the best examples of #selfemployed tax deductions that are missed because of poor record keeping or just not understanding the tax laws? #TaxBuzzChat #taxdeduction pic.twitter.com/aofECLeYx9

A2 Poor record keeping with misclassification of expenses & payroll. With payroll it's common for selfemployed to pick up net checks rather than the gross which leads to them adding the payroll taxes with payroll expense which will lower the deduction for payroll. #TaxBuzzChat

A2. Often #selfemployed are not sure of what is and what is not deductible and they err too much on the side of caution. Even if they are do-it-yourselfers a consultation with an #EnrolledAgent or other #taxpro is a good investment.

A2. Poor record keeping creates obstacles and potential financial penalties for late reporting and estimated tax payments. How can you tell what you owe, if you don't even know what you made? Must be current to be accurate and compliant. #TaxBuzzChat

A2. Often taxpayer will misclassify. QuickBooks has cost more tax deductions. Taxpayers should realize that you don't fix your plumbing, you don't fix your car, why do they think because they are a plumber or an auto mechanic they can keep their books #TaxBuzzChat

Mileage gets reported on IRS Form 2106, doesn't it? #taxbuzzchat

A2. Not setting-up the correct type of legal entity which would allow the business to reduce the self-employment tax costs. This represents a significant source of wasted tax expense #TaxBuzzChat #taxtips

A2. We see with our users the #1 missed opportunity is paying their children. With the new tax bill it has become even more lucrative. #taxbuzzchat

A2. Very few #taxpayers take the time to properly document their business travel leading to miss deductions for vehicle use. #TaxBuzzChat https://t.co/pFsPEPA42V

A2. The home office deduction could frequently be used or increased if there was better record-keeping. #taxbuzzchat

Q4. What is your advice for dealing with individuals who are misclassified as independent contractors by their employer? #TaxBuzzChat pic.twitter.com/kFfIrRwOgE

Workers can file Form SS-8 Determination of Worker Status for Purposes of Federal Employment #Taxes and Income #Tax Withholding with the #IRS. https://t.co/xDY2bJjeqM There may also be recourse with the US Department of Labor https://t.co/zl2qZb1jnv #TheCPATaxProblemSolver pic.twitter.com/MpG71wRlHR

A4. That's often a tough one because people need to keep their jobs. If they are willing to file for the IRS determination that's the way to go, but very few are (unless they have left the employer. #TaxBuzzChat

A4. If taxpayer is misclassified as Independent Contractor by employers, I discus with taxpayer the options and where the law stands, offering an SS8 in some cases, in others simply paying the 7.65% and calling it a day - #TaxBuzzChat

A4 (cont) but under no circumstances take any deductions against the otherwise W-2 income. This is a paid preparer penalty. Disclose, disclose, disclose #TaxBuzzChat

A4. First, speak to your tax advisor. You might want to allow the tax advisor to negotiate with or contact the employer to address the issue. The last resort should be to contact the Internal Revenue Service... #TaxBuzzChat

A4 (cont) (although this might be the only way to deal with the problem if the employer is unwilling to listen) #TaxBuzzChat

A4. This is a tough situation because in most cases the employee needs the work so it's very difficult to make much of a stink about the issue #TaxBuzzChat

A4. Tough question. If they do anything about it they stand a good chance angering the employer. They can file an SS-8 and request an #IRS determination. Pay FICA #taxes with the Form 8919 instead of paying SE tax until a determination is issued. #TaxBuzzChat https://t.co/r5I00ykQRV

A4. An employee who is misclassified as an independent contractor is missing out on a lot of benefits and rights. They should File Form 8919 with their tax return to avoid paying double their share of payroll #taxes. #taxbuzzchat

Q5. What is your best advice for a #SelfEmployed person who is just starting out? #TaxBuzzChat pic.twitter.com/8Ok7YtXICX

A5: Start out with learning the CORRECT way to use QuickBooks and start record keeping now. It will take time and also know that just because you know how to use it doesn't mean you understand everything terms of deductions and expenses. #TaxBuzzChat

A5 Continued: If you start with this step then later down the road you will not need to back track and duplicate your work when it comes time to provide it to your tax professional. #TaxBuzzChat

A5. Just starting out - I spend time with taxpayer finding out what they want the business to do for them. This is critical when choosing a federal tax classification. The Limited Liability Company offers the flexibility to... #TaxBuzzChat

A5 (cont) change federal tax classifications as the business grows or the needs of the #taxpayer changes. I own my clients, meaning they make no decision without consulting with me - I am their resource, their sounding board and their advisor #TaxBuzzChat

A5. If they are inexperienced find a professional that can help them select an appropriate entity, accounting method, establish a payroll if they have employees, get a resale permit if they have retail sales and acquire all the appropriate permits.#TaxBuzzChat

A5 - meet with an attorney, accountant, and financial planner at the beginning. You don't need to invest a lot of money but you need a good plan to do it all correct from the beginning. #TaxBuzzChat

A5. I think it's important for new entrepreneurs to get mentors for different aspects of biz ownership; also, when in danger, when in doubt, get professional accounting/legal help, and they'll work it all out. #taxbuzzchat

A5 - #taxbuzzchat Understand #cashflow and the best ways to get paid faster. Including invoicing quickly. Make it easy for your customers.

A5. New Self-Employed have a lot of free or low-cost resources available to help them start right. Use those: SBDC and Score and then hire a professional to help your specific situation- with tax, legal documents...#TaxBuzzChat

A5. Enlist the services of an accountant, attorney, insurance agent, and financial planner to assist in building your business plan and making sure you have covered all of your foundational bases #TaxBuzzChat #taxtips

A5. Engage a #tax professional immediately! The "soft-cost" of engaging this person will more than offset the future costs of fixing a problem that never needed to exist.#TaxBuzzChat #TaxPros #taxtalk #Taxchat https://t.co/RqnYmMMCP4

Q7. What would you recommend as a #retirement plan for self-employed individuals? #TaxBuzzChat #retirementplanning pic.twitter.com/Z3O2vuaPtB

A7 - I know it's the easiest, but that's also why I always start off with an IRA or ROTH. Then move to the more complicated ones once their income starts increasing and they can afford to put more away.#TaxBuzzChat

A7. What they can afford is a great retirement plan - if nothing, pay the SET and get the social security payout at #retirement. Using the #SocialSecurity website, play with the numbers and see how you can maximize retirement benefits of social security #TaxBuzzChat

A7 (cont) Solo #401k is terrific, but if there are other retirement plans, 403B, 401K, watch for IRC 414H which aggregates all employee contributions to the maximum allowed #TaxBuzzChat

Would love some #RetirementPlanning input from @Fidelity, @CharlesSchwab, and @Vanguard_Group - #taxbuzzchat

Hi Lee, we'd love to help. This is a good place to get started with our online resources: https://t.co/u7fkUAh5pi, and you're welcome to call us anytime at 800-343-3548 for a small business plan consultation. Thanks for thinking of us!

A7. This is also an area where the drive to cut current taxes can get in the way of sound long-term planning. A good mix of pre-tax and after-tax plans will often serve better than just trying to get that AGI down. #TaxBuzzChat

A7. Depending on their entity structure, I would recommend a SEP, Simple #IRA or Safe-Harbor #401k plan. I always recommend maximizing their contributions to cut down on current year income #TaxBuzzChat

A7. As a start up, keep it simple and utilize an #IRA if there is a profit and wait until the business is established before worrying about a #retirement plan.#TaxBuzzChat https://t.co/cvBapZWfIc

That's my approach, too. You can get more complicated as the income goes up (i.e., they can afford to put more away) and they establish a habit of saving regularly. #TaxBuzzChat

A7. My best advice is to have a plan and commit to putting a certain amount toward retirement on a regular basis. Self-employed people have great freedom in choosing the type of plan that is best for them, but almost anything is better than nothing. #taxbuzzchat

Q9. Seems these days everyone thinks an #LLC is business entity. Do you think LLCs are misunderstood and over used? Would business liability insurance be a better option? #TaxBuzzChat #businesstips pic.twitter.com/U4XdaJknma

A9. Each business needs to look at their specific requirements. There is no correct entity for all businesses and you need to enlist professional assistance in working to understand the best entity for your business #TaxBuzzChat #businesstips

A9. #LLCs are a good potential tool, but so are other forms if business. It really depends on what your ultimate needs are and what your state laws are. #TaxBuzzChat

A9 (cont) My #business is a C Corporation because C Corporations afford the best fringe benefit opportunities for business owners. To me, this is the most important need #TaxBuzzChat #businesstips

A9. There has been some hype related to #LLCs everyone thinks they must be an LLC even without having idea why. But the wakeup call comes when they have to pay the state fee #TaxBuzzChat https://t.co/sgcgYu0PsP

A9. An LLC means that creditors of the business cannot come after the assets that you hold personally. Whether or not business liability insurance is a good choice depends on the type of activity of the business and what business assets need protecting. #taxbuzzchat

Q9: I work w/ lots of online sellers, many of them foreign (non-U.S.) based & can't tell you the number of emails I get from sellers that say "I formed an LLC on this or that site" without getting proper advise first - and don't understand what they've done. (A 1/2) #TaxBuzzChat

Q9: Often their response is "I read on a user board" or "heard" or "someone told me that I need to set up an LLC to sell in the US." Often they don't understand what an LLC is, how it's taxed, the need/benefit of making an entity classification election. (A 2/2) #TaxBuzzChat

Q10. What local, state and federal regulations are most overlooked by the #SelfEmployed #TaxBuzzChat #businesstips #taxtips pic.twitter.com/3m6neKKHpN

A10. City business taxes seem to be the most frequently overlooked along personal property taxes. #TaxBuzzChat #businesstaxes #taxtips https://t.co/i2aMRVrvIH

A10. I see the misunderstanding of payroll regulations as the most overlooked by the #selfemployed This results in significant penalties and liability exposure #TaxBuzzChat

A10 - #Taxbuzzchat Depending on your location you may need to register and pay fees on the city level, not just your state. These local #tax collectors can also get ugly fast.

This gets really complicated when a small taxpayer start crossing jurisdictional lines and assumes that they home jurisdiction is they only place they need to worry about. City to city or county to county can have different requirements. #TaxBuzzChat

Q10: They're often very surprised to hear that sending employees or contractors to other states for sales calls, trade shows, prospect/client visits, training, etc., can create nexus - they think nexus only applies if have location/employee in other state (A 2/2) #TaxBuzzChat

Q10: Someone mentioned resources - have to add that @BloombergTax produces a fantastic free resource - its Annual Survey of State Tax Agencies - summarizes responses from state tax agencies (e.g., Depts of Rev) on activities that create nexus, state policies #TaxBuzzChat

Q10: HUGE area of focus of mine->SALT! So many business owners don't understand that even if they are based only in one state, they could possibly have nexus for sales, income, franchise tax purposes in OTHER states and be accumulating state tax exposure (A 1/2) #TaxBuzzChat

A10. Unless the #selfemployed business owner is all-knowing, I would say that most federal and state regulations are overlooked! This is why we hire professionals (attorneys, #CPAs, EAs, etc.)#TaxBuzzChat

Q12. Many #selfemployed starting out in business lack money management skills and waste financial resources on perks when they should be thinking lean. What advice do you have for them? #TaxBuzzChat #businesstips pic.twitter.com/fJNWeoC8jc

A12. As I said before, hire the correct professionals! Let the professionals advise. This will allow the client to do what he/she does best: make money!#TaxBuzzChat #businesstips

A12 - This is where self-employed individuals benefit most with financial guidance and realistic short-term and long-term planning. #TaxBuzzChat

Learn some basic business planning concepts and skills. There are some good resources out there that don't require a big investment of money. #SBA and the #SCORE program are great. #TaxBuzzChat #selfemployed #businesstips #taxtips

A12. If you don't have to have it, or if it doesn't present a return on investment - don't spend or buy. If you think it will make you successful, consider those who have spent themselves into bankruptcy - everyone knows someone. This dog don't hunt.#TaxBuzzChat

A12. Be spendthrift. If it is not needed for the success of the business don't waste precious start up funds on it. Wait the business is financially stable for the perks #TaxBuzzChat #taxtips

I don't see it as much these days, but back in the early 2000s tech bubble, it got insane here in Austin. Still is a little crazy but not like it was.

A12 - #TaxBuzzChat It is hard when the media covers all the toys at the VC funded enterprises. Count every penny, focus on sales first before the "perks".

A12. In my view we tend to see those who are good at a task take on the role of business owner, but is most cases they lack the best business skills they need to be successful. It always amazes me that some feel that owning their own business will be easier #TaxBuzzChat

Thanks for hosting - look forward to seeing the recap! #TaxBuzzChat

Thank you! I enjoyed my very first #TaxBuzzChat

Thanks for hosting! Very informative. #TaxBuzzChat

Thanks for hosting another fun #TaxBuzzChat!

-- Brian Streig, CPA (@cbriancpa) April 4, 2018 To see the full chat session, click here.

We had a great time chatting with our participants on such a hot topic. Feel free to use our #TaxBuzzChat hashtag or tweet us at @taxbuzzonline if you have any additional questions you'd like answered.

We'll be hosting #TaxBuzzChat the first Wednesday of every month at 10am PT/12pm ET for our monthly discussion on all things tax and accounting. Hope you can join us in May!

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- E. If you are a copyright owner or an agent thereof and believe that any User Submission or other content infringes your copyrights, you may submit a notification pursuant to the Digital Millennium Copyright Act ("DMCA") by providing our Copyright Agent with the following information in writing (see 17 U.S.C 512(c)(3) for further detail): (i) A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed; (ii) Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online site are covered by a single notification, a representative list of such works at that site; (iii) Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled and information reasonably sufficient to permit Taxbuzz to locate the material; (iv) Information reasonably sufficient to permit Taxbuzz to contact you, such as an address, telephone number, and, if available, an electronic mail; (v) A statement that you have a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law; and (vi) A statement that the information in the notification is accurate, and under penalty of perjury, that you are authorized to act on behalf of the owner of an exclusive right that is allegedly infringed. Taxbuzz's designated Copyright Agent to receive notifications of claimed infringement is: Lee Reams, email: [email protected], telephone: 818-338-8700, fax: 818-743-0550. For clarity, only DMCA notices should go to the Copyright Agent; any other feedback, comments, requests for technical support, and other communications should be directed to Taxbuzz customer service through https://www.taxbuzz.com/contact. You acknowledge that if you fail to comply with all of the requirements of this Section 5(E), your DMCA notice may not be valid.
- F. You understand that when using the Website, you will be exposed to User Submissions from a variety of sources, and that neither Taxbuzz nor CountingWorks, Inc. are responsible for the accuracy, usefulness, safety, or intellectual property rights of or relating to such User Submissions. You further understand and acknowledge that you may be exposed to User Submissions that are inaccurate, offensive, indecent, or objectionable, and you agree to waive, and hereby do waive, any legal or equitable rights or remedies you have or may have against Taxbuzz and CountingWorks, Inc. with respect thereto, and agree to indemnify, defend and hold Taxbuzz, CountingWorks, Inc., their affiliates, and/or licensors, harmless to the fullest extent allowed by law regarding all matters related to your use of the Website.
- G. Taxbuzz permits you to link to materials on the Website for personal, non-commercial purposes only. User Submissions (including any that may have been created by users employed or contracted by Taxbuzz) does not necessarily reflect the opinion of Taxbuzz or CountingWorks, Inc. Taxbuzz reserves the right to remove, screen, edit, or reinstate User Submissions at our sole discretion for any reason or no reason and without notice or liability. Taxbuzz has no obligation to retain or provide anyone with copies of User Submissions, nor do we guarantee any confidentiality with respect to User Submissions.
- H. You agree not to, and not to assist, encourage, or enable others to use the Website to:
  - Violate our Content Guidelines (below), for example, by writing a fake or defamatory review, trading reviews with other businesses, or compensating someone or being compensated to write or remove a review;
  - Violate any third party's rights, including any breach of confidence, copyright, trademark, patent, trade secret, moral right, privacy right, right of publicity, or any other intellectual property or proprietary right;
  - Threaten, stalk, harm, or harass others, or promote bigotry or discrimination;
  - Promote a business or other commercial venture or event, or otherwise use the Website for commercial purposes, except as expressly permitted;
  - Send bulk emails, surveys, or other mass messaging, whether commercial in nature or not; engage in keyword spamming, or otherwise attempt to manipulate the Website's search results or any third party website;
  - Solicit personal information from minors, or submit or transmit pornography;
  - Violate any applicable law;
  - Modify, adapt, appropriate, reproduce, distribute, translate, create derivative works or adaptations of, publicly display, sell, trade, or in any way exploit the Website or Website Content (other than your User Submissions), except as expressly authorized by Taxbuzz;
  - Reverse engineer any portion of the Website;
  - Remove or modify any copyright, trademark or other proprietary rights notice that appears on the Website or on any materials printed or copied from the Website;
  - Record, process, or mine information about other users;
  - Access, retrieve or index any portion of the Website for purposes of constructing or populating a searchable database of business reviews;
  - Reformat or frame any portion of the Website;
  - Take any action that imposes, or may impose, in our sole discretion, an unreasonable or disproportionately large load on Taxbuzz's technology infrastructure or otherwise make excessive traffic demands of the Website;
  - Attempt to gain unauthorized access to the Website, user accounts, computer systems or networks connected to the Website through hacking, password mining or other means;
  - Use the Website or any Website Content to transmit any computer viruses, worms, defects, Trojan horses or other items of a destructive nature;
  - Use any device, software or routine that interferes with the proper working of the Website, or otherwise attempt to interfere with the proper working of the Website;
  - Use the Website to violate the security of any computer network, crack passwords or security encryption codes; disrupt or interfere with the security of, or otherwise cause harm to, the Website or Website Content; or
  - Remove, circumvent, disable, damage or otherwise interfere with any security-related features of the Website, features that prevent or restrict the use or copying of Content, or features that enforce limitations on the use of the Website. The restrictions above only apply to the extent permissible under applicable law. Nevertheless, you agree not to act contrary to them (even if permissible under applicable law) without providing 30 days' prior written notice to Taxbuzz, together with any information that we may reasonably require to give us an opportunity to provide alternative remedies or otherwise accommodate you at our sole discretion.
    - I. Content Guidelines. TaxBuzz allows Users to contribute different kinds of User Content including reviews, private messages, biographies, photos and more. What follows is a non-exhaustive list of general guidelines for the posting of User Content: Colorful language is acceptable, but defamatory language, threats, harassment, lewdness, hate speech and other forms of bigotry is not tolerated and will be removed. Please make sure that your reviews are a snapshot of your experience with the directory participant. TaxBuzz is not a forum for political views or employment practices that do not address your relationship with the directory participant. Do not post directory participant’s private information. Do not post your confidential information or the confidential information of third parties. Do not post reviews for your own business or solicit reviews from family or friends who are not clients. Do not post content from other sites. Make your reviews unique to TaxBuzz.
Warranty Disclaimer
PLEASE READ THIS SECTION CAREFULLY AS IT LIMITS THE LIABILITY OF TAXBUZZ, CountingWorks, Inc. AND THEIR AFFILIATES TO YOU. EACH SUBSECTION BELOW ONLY APPLIES UP TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW. NOTHING HEREIN IS INTENDED TO LIMIT ANY RIGHTS YOU HAVE WHICH MAY NOT BE LAWFULLY LIMITED. IF YOU ARE UNSURE ABOUT THIS OR ANY OTHER SECTION OF THESE TERMS AND CONDITIONS, PLEASE CONSULT A LEGAL PROFESSIONAL PRIOR TO ACCESSING OR USING THE WEBSITE. BY ACCESSING OR USING THE WEBSITE YOU REPRESENT THAT YOU HAVE READ, UNDERSTOOD AND AGREE TO THESE TERMS AND CONDITIONS. YOU ARE GIVING UP SUBSTANTIAL LEGAL RIGHTS BY AGREEING TO THESE TERMS.

YOU AGREE THAT YOUR USE OF THE WEBSITE SHALL BE AT YOUR SOLE RISK. TO THE FULLEST EXTENT PERMITTED BY LAW, TAXBUZZ, CountingWorks, Inc. THEIR OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, IN CONNECTION WITH THE WEBSITE AND YOUR USE THEREOF. NEITHER TAXBUZZ NOR CountingWorks, Inc. MAKE ANY WARRANTIES OR REPRESENTATIONS ABOUT THE ACCURACY OR COMPLETENESS OF THE WEBSITE'S CONTENT, THE DIRECTORY PARTICIPANTS OR BUSINESSES ADVERTISING ON THE WEBSITE OR THEIR SERVICES, THE USER SUBMISSIONS OR THE CONTENT OF ANY SITES LINKED TO THIS WEBSITE AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY (I) ERRORS, MISTAKES, OR INACCURACIES OF CONTENT, (II) PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM YOUR ACCESS TO AND USE OF OUR WEBSITE, (III) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SECURE SERVERS AND/OR ANY AND ALL PERSONAL INFORMATION AND/OR FINANCIAL INFORMATION STORED THEREIN, (IV) ANY INTERRUPTION OR CESSATION OF TRANSMISSION TO OR FROM OUR WEBSITE, (IV) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE WHICH MAY BE TRANSMITTED TO OR THROUGH OUR WEBSITE BY ANY THIRD PARTY, AND/OR (V) ANY ERRORS OR OMISSIONS IN ANY CONTENT OR FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF ANY CONTENT POSTED, EMAILED, TRANSMITTED, OR OTHERWISE MADE AVAILABLE VIA THE WEBSITE. TAXBUZZ DOES NOT WARRANT, ENDORSE, GUARANTEE OR ASSUME RESPONSIBILITY FOR ANY PRODUCT OR SERVICE ADVERTISED OR OFFERED BY A THIRD PARTY THROUGH THE WEBSITE OR ANY HYPERLINKED WEBSITE OR FEATURED IN ANY BANNER OR OTHER ADVERTISING, AND TAXBUZZ WILL NOT BE A PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES. AS WITH THE PURCHASE OF A PRODUCT OR SERVICE THROUGH ANY MEDIUM OR IN ANY ENVIRONMENT, YOU SHOULD USE YOUR BEST JUDGMENT AND EXERCISE CAUTION WHERE APPROPRIATE.
Limitation of Liability
IN NO EVENT SHALL TAXBUZZ, CountingWorks, Inc., OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR LICENSORS BE LIABLE TO YOU FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES WHATSOEVER INCLUDING AS A RESULT OF ANY (I) ERRORS, MISTAKES OR INACCURACIES IN CONTENT, (II) PERSONAL INJURY OR PROPERTY DAMAGE, (III) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SERVERS AND/OR ANY AND ALL PERSONAL INFORMATION AND/OR FINANCIAL INFORMATION STORED THEREIN, (IV) ANY INTERRUPTION OR CESSATION OF TRANSMISSION TO OR FROM OUR WEBSITE, (IV) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE, WHICH MAY BE TRANSMITTED TO OR THROUGH OUR WEBSITE, AND/OR (V) ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF YOUR USE OF ANY CONTENT POSTED, EMAILED, TRANSMITTED, OR OTHERWISE MADE AVAILABLE VIA THE WEBSITE. THE FOREGOING SHALL APPLY WHETHER THE DAMAGE IS BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY AND WHETHER OR NOT TAXBUZZ OR CountingWorks, Inc. IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION. YOU SPECIFICALLY ACKNOWLEDGE THAT TAXBUZZ AND CountingWorks, Inc. SHALL BE LIABLE FOR USER SUBMISSIONS OR THE DEFAMATORY, OFFENSIVE, OR ILLEGAL CONDUCT OF ANY THIRD PARTY AND THAT THE RISK OF HARM OR DAMAGE FROM THE FOREGOING RESTS ENTIRELY WITH YOU. TAXBUZZ’S MAXIMUM LIABILITY TO YOU WITH RESPECT TO ANY DIRECT DAMAGE SHALL BE LIMITED TO $100.

The Website is controlled and offered by Taxbuzz from facilities in the United States of America. Taxbuzz makes no representations that the Website is appropriate or available for use in other locations. Those who access or use the Website from other jurisdictions do so at their own volition and are responsible for compliance with local law.
Indemnity
You agree to defend, indemnify and hold harmless Taxbuzz, CountingWorks, Inc. and their respective licensors, officers, directors, employees and agents, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorneys’ fees) arising from: (i) your use of and access of the Website; (ii) your violation of any term of these Terms and Conditions; (iii) your violation of any third party right, including without limitation any copyright or any other intellectual property, property right, privacy right; and/or (iv) any claim that your User Submission(s) caused damage to a third party. This defense and indemnification obligation will survive these Terms and Conditions and your use of the Website.
Ability to Accept Terms and Conditions
You affirm that you are either older than 18 years of age, or an emancipated minor, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Terms and Conditions and to abide by and comply with these Terms and Conditions. In any case, you affirm that you are over the age of 13, as the Website is not intended for children under 13. If you are under the age of 13, then do not use the Website—there are lots of other great websites for you. Talk to your parents about any products you want to purchase, as Taxbuzz sells its products and services to adults only.
Assignment
These Terms and Conditions, and any rights and licenses granted hereunder, may not be transferred or assigned by you, but may be assigned by Taxbuzz or CountingWorks, Inc. without restriction.
General
You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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