If you pay attention to the financial news, you've likely heard that we may — or may not — be in the midst of a recession. While experts argue over whether or not two consecutive periods of falling gross domestic period necessarily confirm an overall decline in economic activity, small business owners have more pressing questions, like, "How is a recession going to affect [...]
If you list your property on Airbnb, you know it has been a remarkable boon for property owners looking to earn income from their available space. The online marketplace makes it easy for you, offering free listings and the ability to set your own price while also offering Host Damage Protection and shouldering the payment process. But for all of the success that hosts [...]
Article Highlights: Increased Internal Revenue Service (IRS) Funding Drug Pricing Affordable Care Act Insurance Premiums Corporate Minimum Tax Excise Tax on Corporate Stock Buybacks Home Solar Energy Credit Extended and Increased Credit For Energy Efficient Home Modifications Clean Vehicle Credit Credit For Previously Owned Clean Vehicles Credit For Qualified Commercial Clean Vehicles Research Credit On August 16, 2022, President Biden signed into law the [...]
Article Highlights Required Minimum Distributions Qualified Charitable Distribution QCD Benefits Fly In the Ointment Required Minimum Distributions Tax law requires individuals who have reached age 72 to begin taking minimum distributions from their traditional IRA accounts. These are referred to as a required minimum distribution or RMD. The RMD amount is the value of the IRA account on the last day of the prior [...]
Article Highlights: ABLE Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services Impairment-related Work Expenses Individuals with disabilities, as well as parents of disabled children, are eligible for several income tax benefits. This article explains some of these tax breaks. ABLE Accounts A federal law allows states to offer specially designed, tax-favored ABLE accounts to people with disabilities. [...]
Article Highlights: 1099-K Reporting Threshold IRS Is After Unreported Income Venmo, e-Bay, Etsy, and Others Deductible Expenses Self-employment tax Self-employment Retirement Self-Employed Health Insurance Deduction Hobby vs. Business Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change [...]
Article Highlights New Business Legal and professional fees Spousal Joint Ventures Self-employed Health Insurance Home Office Deducting the Cost of Business Equipment Advertising Expenses Website Costs Financing Vehicle Expenses Business Meals As a small business owner, you should always be on the lookout for legitimate ways to minimize your taxes. Waiting for year-end to do your tax planning can be too late and you [...]
Article Highlights: Gift Tax Rule Annual Exemption Lifetime Exemption Medical and Tuition Exemptions Gift Splitting Gifts of Property If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there are some gift tax issues you should be aware of. Oh yes, the government even taxes gifts if [...]
Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Form 1099-S IRS Matching Records If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you [...]
For small business owners, in particular, growing a business has always been something of a challenge. On the one hand, you don't want to grow too quickly - doing so can significantly damage the trajectory that you've set out on. But at the same time, you also don't want to grow too slowly as this too can cause you to remain stagnant and get [...]
