By far, one of the biggest (and most unique) challenges facing e-commerce companies today has to do with the uncertain nature of the entire enterprise. Nobody could have predicted the onset of the COVID-19 pandemic in…
While bank failures are rare in the grand scheme of things, they can and do happen - as recent events like the closure of Silicon Valley Bank go a long way towards proving. When these types of…
Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all the gain in one year will generally expose the gain to higher-than-normal capital…
2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or used electric vehicle. Among the changes that must be navigated are buyer income limitations,…
While it's true that every business is different from the next - and every entrepreneur will go on his or her own unique journey - there are still a few constants that we know to be…
INDIVIDUAL DUE DATES June 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your…
INDIVIDUAL DUE DATES May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your…
Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute…
Two recently passed pieces of tax legislation have brought about several tax changes for 2023 that may affect you. The legislation includes the Inflation Reduction Act and the Secure 2.0 Act. Here is a condensed summary…
The tax code provides two tax advantageous plans for taxpayers to pay medical expenses. One is a Flexible Spending Account (FSA) and the other is a Health Savings Account (HSA). The two are often misunderstood and…
INDIVIDUAL DUE DATES Disaster Area Extensions: Please note that when a geographical area is designated as a disaster area, due dates will be extended. For more information whether an area has been designated a disaster area…
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring…
About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but there are those who for one reason or another end up owing. Of those who owe…
Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of…
If you had to make a list of all the things that most business owners hate, taking care of accounting and other financial matters is probably right at the top. Yet at the same time, a…
The IRS announced February 24th, that States affected by the recent disasters (California, Alabama, and Georgia) will have until October 16th, 2023 to file various Federal Individual and Business Tax returns and to remit payments. California…
According to one recent study, workers who make up the "gig economy" contributed roughly 5.7% to the gross domestic product of the United States in 2021 alone. If you needed a single statistic to help underline…
This credit goes all the way back to 2006, providing a tax credit for making energy-saving improvements to a taxpayer’s home. This tax benefit was supposed to expire after 2021 but a law change has given…
Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate activities in business, as well as addressing environmental issues. So when COVID-19 hit, Congress…
Business Due Dates March 1 - Farmers and Fishermen File your 2022 income tax return (Form 1040 or 1040-SR) and pay any tax due. However, you have until April 18 to file if you paid your 2022…