Not your average tax and accounting firm.
Newspapers and media reports have been filled with talk of inflation and recession. Experts are arguing about the definition of a recession. Pundits are pondering whether the slow down reflected in the latest consumer price index report means that inflation has peaked. You, in the meantime, are still staring in disbelief at the numbers that …
Inflation and Recession: A Double Whammy For Your FinancesRead More
People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if your income will be lower this year than usual, consider the tax planning opportunities listed below. However, implementing some of …
Take Advantage of Tax Planning on a Low Income YearRead More
Looking to avoid gift tax issues when gifting money or property to others? It is frustrating that the government can even tax gifts if they are large enough. Therefore, it’s best to know the rules before you start gifting. Otherwise, you may end up making a “gift of taxes” to the IRS. Gift Tax Rules …
Here’s gift of professional and financial advice (and some well deserved congratulations) if you’ve just received your college diploma. Graduating is an enormous accomplishment well worth celebrating! And with the added complication of the global pandemic, your experience was more challenging than most. But now that the last parties are over and you’ve packed up …
To All Recent Grads – Some Real-World Financial AdviceRead More
Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so you may find yourself in for a surprise that can …
With gas prices soaring it has been expected the IRS would offer an optional mileage rate increase that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 4-cent increase in the optional mileage rate for the last half of 2022. The new …
It helps to understand the tax lingo used by tax professionals when discussing taxes. Reading tax-related articles or trying to decipher tax form instructions can be more than frustrating when you don’t know what the acronyms mean. And it can be next to impossible to understand tax strategies if you are not familiar with the …
Nissen and Associates is proud to announce that Michelle Long is a licensed Enrolled Agent (EA). Having completed her exams earlier this year, Michelle received her EA certificate in April 2022 and we could not be happier for her! Congratulations Michelle! Michelle’s responsibilities include business, individual and non-profit tax return preparation, auditing, and bookkeeping. She is …
Considering if your small business is able to qualify for a home office deduction? If you are a business owner and use part of your home for business, you may qualify for the office-in-home tax deduction. This deduction reduces both income and self-employment taxes. While the term “home office” is used to describe when a …
Do You Qualify For a Small Business Home Office Deduction?Read More
