Selling Your Home? You May Be Eligible to Exclude Your Profit
7 Financial Tips to Help Save Money While Building Your Startup
Special Alert: The Colorado Secure Saving Program: What You Need to Know
Will Small Business Retirement Plan Rules Affect Your Firm?
6 Smart Moves to Cut Your Tax Bill Before December 31st
Don’t Break the Bank this Christmas.
Find out about Lifetime Learning
Find out about Lifetime Learning.
New and Improved Energy Tax Credits for Homeowners
New and Improved Energy Tax Credits for Homeowners
4 Benefits of Using Accounting Software for Your Small Business
4 Things to Know About Employing Your Spouse
If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee.
START TODAY! Your Path to Starting Your Own Business.
There has never been a greater time in history to start and own a small business. Advancements in technology have made it easier and easier for entrepreneurs to get started with very little startup cost.
The Importance of Keeping a Mileage Log
The IRS notes that a taxpayer’s failure to keep a mileage log on vehicles indicates that the activity under examination is not being conducted in a businesslike manner.
Surprise! You Have Taxes Due!
Did you have a surprise tax bill when you filed your return this year? There are a variety of reasons this can happen.
What's the best way to report your vacation home rental income?
Do you have a beach or mountain home that you rent out? What’s the best way to report your income?
Don’t Rob Yourself of the Home Internet Deduction.
If you do some work at home, you’re probably using your home internet connection. Are your monthly internet expenses deductible? Maybe.
The deduction rules depend on your choice of business entity (proprietorship, corporation, or partnership).
Is Your Sideline Activity a Business or a Hobby?
Do you have a sideline activity that you think of as a business?
From this sideline activity, are you claiming tax losses on your Form 1040? Will the IRS consider your sideline a business and allow your loss deductions?
The IRS likes to claim that money-losing sideline activities are hobbies rather than businesses. The federal income tax rules for hobbies have been anti-taxpayer for years, and now an unfavorable change enacted in the Tax Cuts and Jobs Act (TCJA) made things even worse for 2018-2025.
If you have such an activity, we should have your attention.
Here’s the deal: if you can show a profit motive for your now-money-losing sideline activity, you can classify that activity as a business for tax purposes and deduct the losses.
In this article, we give you what you need to know about the federal income tax rules for hobbies and how to tilt the playing field in your favor.
Easy steps to make tax filing easier in 2022
Another year has come and gone and here we are looking ahead to tax time. Are you one of the many taxpayers who struggle to have all your documents ready for the accountant to prepare your taxes? The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps to help themselves file their federal tax returns in 2022.
Planning ahead can help you file an accurate return and avoid processing delays that can slow tax refunds
Last-Minute Business Deductions
Well, here we are coming into the holiday season and the end of 2021. If you’re a business owner, you want to make the most of your business deductions and minimize your tax liability. The purpose of this article is to get the IRS to owe YOU money.
Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.
Here are six powerful business tax deduction strategies that you can easily understand and implement before the end of 2021.
Vaccinated? Claim Tax Credits for Your Employees and Yourself
As the nation suffers from the ravages of the super-contagious COVID-19 Delta variant, the federal government desperately wants all American workers and their families to get vaccinated.
If you have employees, you probably feel the same way. Indeed, more and more employers are implementing vaccine mandates—a trend that will likely grow after the FDA gives final approval to the COVID-19 vaccines.
COVID-19 vaccine mandates are highly controversial.
What You Should Do and Not Do If You Receive a Letter from the IRS
Every year the IRS mails letters and notices to taxpayers for a variety of reasons. Most often they are related to the taxpayer’s federal tax return or tax account. The letter may notify them of changes to their return or may request additional information. It may also notify them they need to make a payment. In both 2020 and 2021, taxpayers also received letters regarding the Economic Stimulus Payment or perhaps the Advance Child Tax Credit payments that started in July.