Business and Tax News
Tax Basics for Teens: Filing Your First Tax Return
Are you doing your taxes for the first time this year? Filing an income tax return for the first time might be intimidating. The good news is that...
Sole Proprietorship Taxes: What You Need to Know
Sole proprietorship taxes differ from other business entities, such as corporations, in that the business is not taxed separately from the owner....
HSA Taxes, FSA Taxes & How They Work in 2023-2024
Medical expenditures may be quite costly. However, two special accounts, the health savings account (HSA) and the health flexible spending account...
Can I Claim My Boyfriend or Girlfriend as a Dependent on My Tax Return?
If you and your significant other live together but are not married, you most likely share numerous expenditures, and one of you may even...
How to Handle Taxes When You’re Self Employed
How to treat the home office deduction Many people who work for themselves do so from home. If that describes you, you are probably familiar with...
Tips For Avoiding Tax Scams
Tax season is here, which means spring is just around the corner. It's the time of year when we look forward to better weather and tax refunds, but...
Reminder! Jan 31 is the Deadline for Employers to file Wage Statements and Independent Contractor Forms
With tax season on the way, the IRS reminds businesses that the deadline for filing pay statements and paperwork for independent contractors to the...
What to Know about the Different types of 1099 Forms
As tax season approaches, keep an eye out in the mail for envelopes labeled "tax information." Among the numerous items they may include are several...
The Corporate Transparency Act: What You Need to Know
The Corporate Transparency Act (CTA) has gone into effect as of January 1, 2024, affecting millions of small businesses across the United States....
Choosing a reputable tax preparer is vital to tax security
As taxpayers prepare for tax filing season, it is critical that they choose tax return preparers that have the necessary skills, education, and...
What to Know About Tax Rates
A tax rate is the percentage (0-100%) of your income that is taxed. Taxes are amounts deducted from money that you own or earn. Income tax is the...
How to Avoid Bumping Your Income into a Higher Tax Bracket
If your income changes from yearly, you may find yourself spending more in taxes than you anticipated. This is due to the fact that when your income...
Electric Vehicle (EV) and Fuel Cell Electric Vehicle (FCEV) Tax Credit
Qualified EV and FCEV buyers can qualify for an excise tax credit of up to $3,000 beginning July 1, 2023. The tax credit is limited to one car per...
Is Your College Student’s Scholarship Taxable?
The typical cutoff for undergraduate students to commit to their college of choice is May 1, which means tuition payments are not far behind. Here’s...
Update on the Electric Vehicle Federal Tax Credit
As of Tuesday, April 18, the amount of electric cars (EVs) that are eligible for the full $7,500 federal tax credit will be significantly decreased...
Tax Considerations for Opening a New Location
Opening an additional location for a business is a significant choice that can have long-term consequences for your company. Finance executives have...
Tax Benefits of Donating Crypto
Donations to charity are more than just acts of kindness; they can also enable you to save money on your taxes. Donating cryptocurrencies that have...
Take Retirement Plan Distributions by December 31
For several years, IRS regulations prohibited people from keeping retirement assets in their retirement accounts for long stretches of time. When...