Personal Taxes
Working from Home – Tax implications
Are you fortunate to be working from home because of the pandemic? Or, are have you lost your job and collecting unemployment? Both of these situations could have tax implications.
Business Startup
Raising Capital for Your Startup – The Basics.
Creating a successful business requires a good idea combined with skill, talent, and ambition. But even if you have all of those elements, you may end up falling short if you can’t raise the capital that you need to move Read more…
Business Taxes
Hiring Independent contractors? Why classification matters.
Your business may be hiring independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The Read more…
Business Taxes
Tax Court Decision for Travel Deductions
There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court – Soboyede, TC Summary Read more…
Consulting
Tips for Creating an Employee Stock Option Plan
Creating an employee stock option plan is an important step in your business’ growth and a sign of its success. Though doing so is not particularly complicated, that doesn’t mean that the process should be pursued without ensuring all of Read more…
Business Taxes
Estimated tax payments: The deadline for the first payment
April 15 is not only the deadline for filing your income tax return, it’s also the deadline for the first quarterly estimated tax payment for the current year, if you’re required to make one. You may have to make estimated Read more…
Personal Taxes
Parents to receive direct payments
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to Read more…
Business Taxes
The new Form 1099-NEC and the revised 1099-MISC
There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms with Read more…
Personal Taxes
Selling Homes – Know the tax consequences
Summer is the peak season for selling homes in many parts of the country. If you are planning on putting your home on the market soon, you are probably thinking about things like how fast it will sell and how Read more…
Personal Taxes
Tax questions about COVID-19? Get answers
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. Read more…
Personal Taxes
IRS Offers New Identity Protection for Taxpayers
Article Highlights: IP PIN Identity Verification Opt-in Program Application Process In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns, if requested by the victimized individual. These numbers are referred to Read more…