More than 80 million tax returns were filed with the help of a tax professional in 2019. Were you one of the Americans who used a tax professional? Were you prepared for your tax consultation? Were you happy with your representation? Did you use a tax accountant or another professional? If you have a pro […]
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Did you know that millions of Americans have a side hustle today? If you haven’t started your side hustle yet, what are you waiting for? Are you afraid of failure? Not sure if you’d make any money? Can’t decide on which side hustle to try? If you are having trouble deciding, consider these statistics: 50%
2020 Ultimate Side Hustle Guide: Everything You Need to Get Started Read More »
Are you thinking, “Where is my 2019 tax refund?” Wondering why you have not received it yet? Have no fear! We have the answers you are looking for! There are 3 ways you can find out where your tax refund is. You can reach out to the IRS through their online tool, via their toll-free
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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
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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
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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
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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
The Ins and Outs of In-Kind Exchanges Read More »
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