Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if [...]
Back-to-School Tax Breaks on the Books
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax [...]
Evaluate the Effects of Selling a Subsidiary or Division
During the best and worst of times, your company may be tempted to sell a division or subsidiary. This can make sense for a number of reasons, including: Alternatives to [...]
What Happens If An Individual Can’t Pay Taxes
While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s [...]
Businesses: Get Ready For the New Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment [...]
Are Scholarships Tax-free or Taxable?
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will [...]
Is Your Company Facing a Cash Flow Crunch?
Cash flow is always an important element in the smooth and successful operation of your business and is particularly key in meeting opportunities and demands. Generating sales and managing operations [...]
After you file your tax return: 3 issues to consider
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed [...]
Getting A Divorce: How Should You File Your Tax Return?
A divorced or divorcing couple's tax filing status is determined as of the last day of a tax year. A couple in the process of divorce may find that they [...]
Rx for Itemizing Medical Expenses
Medical expenses can be costly — and they're not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for [...]
Last-Minute Strategies for Businesses that Deferred Filing Tax Returns
During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is still awaiting completion, you may have [...]
Hit the Ground Running: 7 Steps for New Business Owners
Running a new business can be a daunting endeavor. As soon as you form a business, you will face many important decisions, ranging from mundane to critical. While much of [...]
A Nonworking Spouse Can Still Have An IRA
It is often difficult for married couples to save as much as they need for retirement when one spouse does not work outside the home — perhaps so that spouse [...]
Do you have tax questions related to COVID-19? Here are some answers
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I am working from [...]
Hiring Independent Contractors? Make Sure They Are Properly Classified
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified [...]