Filing paperwork, accurate bookkeeping and making estimated quarterly tax payments. If you had to list out the least-enjoyed tasks by most business owners, taking care of accounting and other financial matters is probably right at the top. Yet at the same time, a lot of those same business owners are struggling. Maybe they had a …
Tax Blog
Best Practices To Help Guarantee Success For Your Gig Enterprise
Looking for tips to help boost your success for your gig enterprise? You’re not alone! 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. This growth signifies a significant shift in the way that we all collectively …
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Curious How Employee Stock Options Are Taxed?
Many companies offer employee stock options as an incentive to their key personnel. This acts as a means to help grow the companies’ market value. The options give the employee the right to buy up to a specified number of shares of the company’s stock at a future date at a specific price. Generally, options …
Haven’t Filed Tax Returns For Multiple Years? Here’s What You Need To Do Next
If you haven’t filed tax returns for awhile, you’re not alone. In fact, you’d be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it’s something that needs to happen annually, regardless of the fun factor. There are a myriad of different reasons why you may have fallen behind …
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Video Tips: An Opportunity To Rollover Section 529 Plan To a Roth IRA
Families and students with an existing Section 529 plan who paid for their education an alternative way are anxious about left over funds. (This also includes those who or simply didn’t pursue a higher education.) The biggest concern is that the money will trapped in the 529 account unless they take a non-qualified withdrawal and …
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Tax Benefits For Parents
While having children equates to having more household expenses, there are also some significant tax benefits for parents. If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, and filing status that can help put a dent in your tax liability. …
Many Taxpayers Will See Smaller Refunds in 2023
Concerned that you may see smaller refunds this year on your tax return? You have every right to, because it’s true. Congress has for years used the tax return as a means of providing benefits to taxpayers in need. In addition Congress has provided incentives to stimulate activities in business, as well as addressing environmental …
S Corporation Stockholder? Be Sure You’re Taking Reasonable Compensation In The Form Of Wages.
S corporation requirements, specifically those regarding reasonable compensation, are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their …
Wow! You Can Now Get A Tax Credit For Buying A Used Electric Vehicle
2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have ever qualified for a tax credit. While the credit is less than the credit for purchasing a new electric vehicle, what a …
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