Approximately 1 million taxpayers get audited each year, which is less than 1% of all taxpayers. Though the odds of being audited are slim, you still probably cringe when the words “tax audit” are uttered. It is a hassle, but this guide should help alleviate some of the stress you may be feeling by answering …
Your Complete Guide to Surviving an IRS Tax Audit Read More »
What is the Paycheck Protection Program The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. It is intended to help businesses keep their workforce employed through the COVID-19 crisis. If all employees are kept on the payroll for at least 8 …
Paycheck Protection Program – COVID-19 Small Business Loan Read More »
If you are still married on December 31, 2019, you may file MFJ (married filing jointly) or MFS (married filing separately). It’s best to calculate your taxes both ways to determine which way yields the best tax advantage; it may make sense to you to file separate tax returns, but it’s usually not advisable due …
Being Married and Filing Taxes: Which Filing Status is Best? Read More »
We all have hobbies; hobbies like photography and knitting are usually just for fun, and we don’t anticipate making any money from doing them. Did you know that you may be able to turn your hobby into a business and get generous tax breaks? Or, if you are doing a hobby that is not a …
Is Your Business a Hobby or Is Your Hobby a Business? Read More »
Millions of Americans have lost their job due to the coronavirus pandemic. Many workers have been able to continue working but have resorted to working from home. The concept of doing remote work was once quite coveted. However, the challenges that come with it are now being realized. How to Set Up Your Home Office …
2020 Complete Survival Guide for Working from Home Read More »
Worried about filing taxes late? We will walk you through each situation you may have and look at what options you may have. Don’t know what penalties you may owe the IRS? Here’s a quick look at the penalties you may incur: Failure to pay: 0.5% up to 25% Failure to file: 5% up to …
Filing Taxes Late: Penalties and Missing Tax Deadlines Read More »
In-kind, also known as like-kind exchanges, is the process of exchanging property used for business for the sole purpose of another company similar to that (“like-kind”). This has long been allowed to occur under the Internal Revenue Code. The issue at hand is that there are now restrictions on this exchange. Curious about what you …
With the virtual world being bigger than ever before, there are more and more taxpayers who work out of their homes. Many of these people own small businesses or are freelancers and may even qualify for the home office deduction. Often the words “home office deduction” make taxpayers fear it as an audit trigger. However, …
Home Office Business Deduction, Can You Take It? Read More »
Do you owe the IRS money instead of the other way around? You may be caught off guard if you receive an unexpected tax bill. The first thing you should do is double-check your tax return. Is it right? Why is this debt unexpected? Dig a little deeper; find out what you did differently this …
Unexpected Tax Debt: Everything You Need to Know Read More »
Here is a graphic the IRS asked us to share. It will let you know how much you can expect from the government as far as your Economic Impact Payment. Most people who file their taxes regularly do not need to do anything, but there is more information to let you know if you need …
How Much Money Will I Get From The Economic Impact Payment Read More »
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