Important Times to Seek Assistance

Article Highlights: When to seek professional assistance Examples of times where tax saving moves can be made Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out…

Business Start-Up Expenses and How to Write Them Off

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Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expenses Expense Write-off Limitations …

Can’t Pay Your Taxes? Here Are Some Payment Options 

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Article Highlights: If You Can’t Pay Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan  IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections  Offer-in-Compromise  Although…

You May Need to File Estimated Tax Payments

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Article Highlights: Employees Self-Employed Individuals Quarterly Payments Underpayment Penalty Safe Harbor Payments Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax…
Hiring An Independent Contractor? How QuickBooks Online Can Help

Hiring An Independent Contractor? How QuickBooks Online Can Help

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  Hiring An Independent Contractor? How QuickBooks Online Can Help  Are you taking on a worker who’s not an employee? QuickBooks Online includes tools for tracking and paying independent contractors.  The COVID-19 pandemic…
Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

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Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit? Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers…

Hobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes

Article Highlights:   Hobby Versus For-Profit Endeavor Factors Used to Determine For-Profit Three out of Five Rule Hobby Deductions Sales from Collections If you are engaged in an activity that produces income, the big tax…

2022 Standard Mileage Rates Announced

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Highlights: Standard Mileage Rates for 2022 Business, Charitable, Medical and Moving Rates Important Considerations for 2022 Switching Between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee…

Does Your Business Need to File Forms 1099-NEC or 1099-MISC?

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Article Highlights: 1099-NEC Filing Requirements Independent Contractor Filing Threshold Form W-9 Form 1099-MISC If you use independent contractors to perform services for your business, for each one that you pay $600 or more…

Tax Tips for Holiday Charity Donations

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Article Highlights: Long-Form Itemization Required Below-the-Line Cash Contributions for 2021 Qualified Charities Only Cash Donations Non-cash Donations Leave Donations Other Qualifying Donations AGI Limitations …