✦ Bilingual service · English / 中文

You built a business in America.
Don't let the IRS take more than its share.

I'm a tax and advisory specialist with 20 years of hands-on experience. I help Chinese-American owners of small businesses keep more of what they earn — legally, and without the runaround.

Entity setup · Quarterly estimates · QBI & retirement planning · Offshore & China-source reporting

Get the Free 2026 Checklist Book a 20-Minute Call
20Years in tax & advisory
2Languages — English & 中文
US + CNCross-border matters handled
Sound familiar?

Most owners lose money quietly, all year long

💸

April always hurts

A five-figure bill you didn't plan for, plus a penalty for not prepaying. It's avoidable — but only if you look at it before December.

🏗️

The structure was never revisited

You picked Sole Prop or an LLC when you started. Revenue tripled. Nobody told you the entity that was right at $50k is expensive at $300k.

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Money and property back home

A bank account in China, rental income, a stake in a family business. Your US accountant has never asked — and the reporting rules don't care whether you knew.

The 5 Traps

Where small business owners actually lose money

Tap each one to see the symptom, the real cost, and what to do about it. Updated for Tax Year 2026.

1
Books & Records

Mixing personal and business money

Symptom
Business expenses paid from a personal card, or personal bills paid from the business account — then scrambled together at year end.
Real cost
Deductions get denied in an audit, and your LLC's liability shield can be pierced — putting personal assets on the line.
Fix
  • Open a dedicated business checking account and credit card — today, not in April.
  • Pay yourself through documented owner draws or payroll, never by "just taking money out".
  • Use an accountable plan if you reimburse yourself for home office, phone or mileage.
2
Cash Flow

Skipping or underpaying quarterly estimates

Symptom
No W-2 withholding on your business income, and nothing sent to the IRS during the year.
Real cost
An underpayment penalty plus daily-compounded interest — on top of the tax you already owed.
Safe harbor
Pay 100% of last year's total tax (110% if your prior-year AGI was over $150,000), or 90% of this year's — whichever is smaller — and the penalty doesn't apply.
2026 dates
Apr 15 · Jun 15 · Sep 15, 2026 — and Jan 15, 2027 for Q4.
3
Missed Deductions

Leaving the QBI deduction and retirement plans unused

Symptom
You file a clean return, pay what the software says — and never model whether an entity change or a retirement contribution would cut the bill.
What's available
  • QBI deduction (§199A): up to 20% of qualified business income — made permanent by recent legislation.
  • SEP-IRA: roughly 20% of net self-employment income. Solo 401(k): $24,500 in elective deferrals for 2026, plus profit sharing.
  • Self-employed health insurance premiums: deductible above the line.
Note
These are the largest legal levers most owners never pull. Each one needs to be decided before year end, not after.
4
Entity Structure

S-Corp elected too early, too late, or run incorrectly

How it works
As a sole proprietor, your entire net profit pays the 15.3% self-employment tax. In an S-Corp, only your W-2 salary does — distributions don't.
The catch
That salary must be "reasonable" for the work you actually do. Set it near zero and the IRS can reclassify distributions as wages — back payroll taxes, plus penalties.
Rule of thumb
S-Corp savings usually start to outweigh the extra cost (payroll filings, state fees, reasonable-comp risk) once net profit clears roughly $50k–$80k.
Trade-off
The S-Corp QBI base is reduced by the salary you pay yourself — so pushing salary too low can cost you part of the 20% deduction. Model it both ways before electing.
5
Cross-Border · Most Overlooked

Undisclosed offshore accounts and China-source income

Symptom
Bank accounts, brokerage accounts or property held in China; rental income or dividends from back home; a stake in a family business. None of it mentioned at tax time.
What's required
  • FBAR (FinCEN 114): required when the combined balance of foreign accounts exceeds $10,000 at any point in the year.
  • Form 8938 (FATCA): separate thresholds, filed with your return.
  • Worldwide income is reportable on the US return — including China-source rental income and dividends.
Why it matters
Penalties here are among the harshest in the code, and they apply whether or not you owed any tax. Many general-practice accountants simply never ask.
Good news
There are established procedures to catch up voluntarily and substantially reduce or eliminate penalties — but you have to start before the IRS contacts you.
Who I Help

Built for owners whose situation crossed a border

🧑‍💼 Solo founders & single-member LLCs

Consultants, contractors, e-commerce sellers, agency owners. Revenue from roughly $80k to $1M, where entity choice and estimated taxes start to matter a great deal.

🌏 Immigrant owners with assets back home

Bank accounts, rental property, a family business stake or an inheritance in China — and no clear answer on what the US expects you to report.

📈 Owners who outgrew their setup

The structure that made sense at launch is now costing real money every quarter. You want it reviewed by someone who reads both sides of the Pacific.

Ziqing Consulting

Twenty years of doing the work, not just talking about it

I've spent two decades in accounting, tax planning and equity/ownership structuring — helping business owners understand where their money goes and how to keep more of it, legally. That includes hands-on work with entity design, owner compensation, and cross-border reporting questions that don't have a clean answer in any software.

I work in English and 中文. I prepare and review, coordinate with your CPA where needed, and — most importantly — I explain things in plain language so you can make the decision yourself.

Engagements typically start with a short review of your current setup and last filed return. No obligation, no pressure — you'll know within 20 minutes whether there's something worth fixing.

Get the free 2026 checklist

A one-page self-audit you can run in 10 minutes. It covers the five traps above plus the filings and deadlines most owners miss.

  • 18-point month-end close checklist
  • Estimated tax safe-harbor worksheet
  • Offshore & China-source reporting trigger list
  • 2026 rate & limit card (mileage, wage base, brackets)

Fill in the form and I'll send it over — plus a short note on the one thing I'd look at first in your situation.

I'll reply within one business day. No spam, no sharing your details.

Prefer email? contact@wxziqing.cn · or add WeChat 13961704009