According to one recent study, only about two-thirds of all businesses that open today will survive two years in operation. Roughly half of them will last approximately five years. When you get to 10 years out, that number drops to one-third, according to the Bureau of Labor Statistics. Fascinatingly, a massive 82% of all organizations that end up failing do so for essentially the [...]
If you're running an e-commerce business, you are part of one of the most exciting and expansive aspects of the global economy. No matter what you're selling — whether product or service — the challenges are constant and the competition is fierce. That's why it's important for you to leverage every tool at your disposal. If you're not making good use of the data [...]
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 most (74% in 2020) American taxpayers receive a refund each year when they file their income tax returns, there are those who for one reason or another end up owing. Of those who owe Uncle [...]
Article Highlights: Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2018 Tax Year Missing Information As a reminder to those who have not yet filed their 2021 tax returns, April 18, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes [...]
Few things have captured the attention of so many people in recent memory like the word-based game Wordle. It's one part crossword, one part Sudoku — players have to guess the word of the day through equal parts strategy and luck. Based on their guesses, colored tiles tell players when letters are in the correct position or if they're included in the word at [...]
One of the most important things to understand about selling a business is that this is not a decision that should be made lightly. This is true both in terms of who you sell to and with regard to what will happen to your finances after all is said and done. You need a solid financial plan in place ahead of time to not [...]
Article Highlights: Medical Deduction Tuition To Treat Learning Disabilities is Deductible Special Teaching Techniques Private Letter Rulings A component of itemized deductions is the cost of medical care. The total of eligible medical expenses paid during the tax year is reduced by 7.5% of the taxpayer's adjusted gross income (AGI). While you are undoubtedly familiar with most of the medical expenses eligible for the [...]
Article Highlights: American Opportunity Tax Credit Lifetime Learning Credit Refundable Credit Which Credit to Take Post-secondary Education 3-month Rule Maximizing the Credit Qualified Expenses Who Claims the Credit Qualified Educational Institutions Gift Tax Issues If you have a child or children in college, or perhaps you or your spouse is a student, it can be confusing to figure out which of two potential education [...]
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 question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this endeavor hinges on the answer. The tax code (Section [...]
Many taxpayers use the Where's My Refund tool and wonder what "Return being processed" means for them and their refund. The answer: not much yet! The prompt means that the IRS has received your return, but due to Covid-19 delays, the IRS is experiencing a considerable backlog, slowing processing times and disbursements. Typically the IRS processes tax returns and issues refunds within 21 calendar [...]
