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 …
For Business
Do You Qualify For a Small Business Home Office Deduction?
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 …
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Before Selling Investment Property, Seek Tax Advisor Recommendations
These days, many individuals nearing retirement and holding investment property are considering selling investment property due to the lucrative real estate market. While it may seem like a perfect time to offload those property assets and reap the profits – make sure that you talk to your tax advisor before taking the plunge, or you …
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Do You Need To File Estimated Tax Payments?
Wondering if you need to file estimated tax payments? Consider the fact, they are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Who needs to file estimated tax payments Employees …
What Entrepreneurs Can Learn From The Overnight Success Story Of Wordle
The sweet, love based story of Wordle is unique in that so few things have captured the attention of so many people in recent memory. It’s one part crossword, one part Sudoku. It reminds me of Boggle (which I played with my family growing up), but it’s so much quieter. In Wordle, players have to …
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Hobby Or For Profit? The Answer Makes A Big Difference For Tax Purposes
Engaged in an activity that produces income? If so, the big question is whether the activity is a hobby or for profit. The tax treatment of your income or loss from your endeavor hinges on the answer. The tax code, Section 183 limits deductions when an activity is not engaged in for profit. The result? …
Hobby Or For Profit? The Answer Makes A Big Difference For Tax PurposesRead More
Now’s The Time To Brush Up Your Bookkeeping Habits
Have you taken a good, hard look at your bookkeeping habits lately? The beginning of the year is a perfect time to consider brushing up your bookkeeping habits. Ever found yourself shaking your head at your own process? The beginning of the year is the perfect time to correct inefficiencies and counter oversights. There’s no …
Strategic Preparation is Key to Selling Your Company
Planning on selling your company in the near future? Many people dream of starting their own company, but if you’re one of the few who has turned their dream into reality, you know that it didn’t happen overnight. Making your business a success involved plenty of research, preparation, and hard work. However, of those considering …
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Does Your Business Need to File Form 1099-NEC Or 1099-MISC?
Debating if your business needs to file form 1099-NEC or 1099-MISC? Let’s discuss the requirements of each. Reasons to File Form 1099-NEC If you use independent contractors to perform services for your business – the answer is yes for form 1099-NEC. For each contractor that you pay $600 or more for the year, you are …
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