Polaris Tax and Business Services, LLC

423.521.2045 (Chad)

423.521.5882 (Shannon)

info@polaristaxes.com

Hearing some people talk about it, there is no downside to rental real estate: monthly passive income, asset appreciation, tax deductions, and you own a real tangible asset.  While these are all potential benefits, just like any other type of investing it isn’t all roses.  You need to do your homework.

When you first start screening p...

In the first blog post in this series we met Thirsty, Inc., a profitable beverage distributor that found itself in a tough situation. 

Here’s a quick refresher:

  • Thirsty, Inc. had purchased a popular new beverage called Ice Cold from their suppliers

  • Thirsty, Inc. quickly sold out of Ice Cold and wanted to order more, but they didn’t...

Sounds too good to be true, right? I’ve always been a skeptic at heart, but this time it's true! It doesn’t involve dishonesty or shady tactics either. It is 100% legitimate and written in IRS code.  So, what’s the catch? Let’s dig in.

There are several ways to reap the benefits of tax deductions for vacations, but today we are f...

Many small business owners can attest; they know how to make a profit, but managing their cash flow is a different story. It may not seem as important as the “bottom line,” but proper cash flow management is one of the biggest predictors of success for businesses.


If you are like most Americans, you are concerned about the recent Equifax data breach.  If you haven't already, go to the FTC website to determine what steps you should take to protect your identity and your savings.  

In light of this development, we thought it would be helpful to share some of the most common tax scams so you can kee...

One of the most common, and potentially contentious, questions that has come up during my 15 years as an accountant is determining whether someone should be classified as an independent contractor or an employee.  On the surface this may seem like an innocuous decision, but an incorrect classification, and the resulting IRS penalties, can...

Surprised by tax laws? Join the club! 

Small business owners can find themselves in a bad spot if they haven't done their tax homework or sought out professional advice. Given the IRS's recent increase in penalties for 1099s, today's blog post is devoted to keeping you in compliance so you don't have any unfortunate (and costly) surprises.

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Not sure what exactly estimated taxes are or if you need to pay them? Don’t worry, you’re not alone! We’ll do our best to clear up the confusion.

Who Typically Owes Estimated Taxes?

Income taxes in the US are a pay-as-you-go system, meaning you are required to pay taxes on your income throughout the year (in quarterly installments) rat...

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