Article Highlights: Mid-year Increase Items Included in the Optional Mileage Rate What Can Be Deducted in Addition to the Optional Mileage Rate Switching Methods With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses. […]
Article Highlights The World of Performing Arts Understanding the Basics Qualifications for Performing Artists Special Considerations for Married Performers Maintain Adequate Records Types of Deductible Expenses Recordkeeping Requirements The world of performing arts is vibrant and dynamic, but it also comes with its unique set of financial challenges. One of the significant concerns for performing […]
Article Highlights: Background of the Corporate Transparency Act Reporting Requirement Beneficial Ownership Community Property Laws and Beneficial Ownership Spouses and Beneficial Ownership Reporting Implications for Reporting Companies Exceptions and Considerations Conclusions Filing Deadlines Background – The Corporate Transparency Act (CTA) was enacted as part of a broader effort to combat money laundering, terrorism financing, and […]
Article Highlights: Factors That Affect Whether Someone Needs to File a Tax Return Gross Income Required Filing Threshold 2023 Filing Thresholds by Filing Status Self-employment Status Status as a Dependent Some Individuals Should File a Tax Return Even Though Not Required to Do So Tax Withholding Earned Income Tax Credit (EITC) Child Tax Credit (CTC)/American […]