According to a release from the IRS in December 2022, new requirements for so-called third-party settlement organizations (TPSOs) to report income and transactions have been delayed for one year. When items are sold for a profit, the 1099-K Form intends to ensure the income earned is reported to the IRS (and state revenue agency).
The value of bookkeeping for your business has more benefit than just money. Here we will discuss some of the pros and cons of doing your own bookkeeping for your business.
Learning how to deduct vehicles for business use will allow you to make the most out of your write-offs.
Business structures will ultimately affect how taxes are filed each year by the business and individuals. IN this blog, we will discuss the different business structures and how they operate when it comes to taxes.
Even though the IRS is currently experiencing a serious backlog in processing returns, here are a few things that you, as a taxpayer, should know about to avoid delays in filing or expedite the process.
Do not wait to see if the IRS accepts your tax return or starts an audit after you file it; check out these tips to avoid common tax filing mistakes and get your full refund.
You can contribute a portion of your paycheck to your 401(k) by participating in an employer-sponsored retirement plan. Read our article to learn how to maximize its potential.
When hiring an employee, there are a few things to consider. One of them is the fact that the cost of hiring an employee is greater than their hourly wage.
Remote work has many benefits, but one of the drawbacks is that it makes filing your taxes more complicated, particularly if you are working from home in a different state from the one your company is based in. Before filing your tax return, see what you need to think about and discuss with your accountant.
The Internal Revenue Service has lately introduced the inflation-adjusted 2022 elective standard mileage rates used for the calculation of deductible costs of running a vehicle for business, charitable, medical, or moving purposes.
By law, you may be required to issue Forms 1099 to worker and the IRS by January 31st, 2022, if you hired independent contractors to perform services for your company, and paid them each $600 or more for the year.
Are your workers properly classified and managed for your business taxes? Find out how the IRS determines your workers tax status and filing.
Here we are again, nearing the end of another year. While the tax deadline for 2021 isn’t until April 2022, now is the time to plan and make some strategic moves to optimize your tax situation. Below we’ll look at some tax planning ideas for both small businesses and individuals.
The House recently released a nearly 900-page proposed bill that would make major changes to current tax laws. The bill is intended in large part to help pay for both the Biden Administration’s budget and infrastructure stimulus bill. Read our article to learn more.
It’s not uncommon for adult children or siblings to act as caregivers for family members or give them financial assistance for medical or long-term care needs. The problem is that all too often those providing the help don’t take advantage of the tax benefits.
If you’re 40 or 50 and aren’t where you’d like to be in terms of saving for retirement, don’t despair. You can remedy this situation. And since people are living well into their 80s and 90s, it’s never too late to start. Here are a few things you can do.
Many of the changes and upheavals from last year have caused changes to your tax returns this year. Due to the COVID-19 crisis, there are plenty of new and revised provisions and important dates you will need to know about before filing your 2020 taxes this year. Here are some of the most important ones.
Don’t let your tax troubles drag you down!
Our team of experienced tax professionals is here to make sure your tax season goes off without a hitch.
The COVID-19 epidemic has created situations where employees are not able to work because they tested positive for the virus or have been quarantined after coming in contact with someone who has tested positive. It has also caused parents to miss work because their children’s school has closed due to the outbreak and…
The IRS has postponed the due date for filing Federal income tax returns and tax payments due on April 15, 2020 until July 15, 2020. Below are the specifics of those postponements….
After extending the due date for 2019 tax payments by 90 days, the Treasury has announced the tax filing deadline will also be delayed to July 15, 2020….
Treasury Secretary Steven Mnuchin has announced a 90-day reprieve for taxpayers to pay their income taxes owed. What does this mean for you?..
Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones…
To encourage U.S. taxpayers to move away from gasoline-powered motor vehicles, over the years, Congress has provided various tax credits for purchasing electric or alternative fuel vehicles. These credits generally come with an expiration date or a sales limitation. For example, from 2006 through 2010, a credit was available…
Employers that hire disadvantaged individuals, such as unemployed veterans, SSI recipients, and ex-felons, among others, may benefit from a substantial federal tax credit. Hiring certain new employees can qualify the employer for the Work Opportunity Tax Credit (WOTC), which Congress extended for one additional year, so…