When we are talking about building a sustainable business, we are talking about one that is built to last. Often, entrepreneurs get caught up in the headlines about businesses with hyper-growth rates. We start thinking of how we can replicate these results. But what is often missing is these results are just short-term, fueled by outside money or poor business models that are not [...]
Article Highlights: Form 1099-K Reporting Threshold Marketplaces Payment Processors (credit and debit cards) Online Service Providers Airbnb and VRBO Delivery and Other Personal Services Business Expenses Record Keeping For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs) to be reported on Form 1099-K. The purpose being to [...]
Article Highlights: Itemized Deductions Above-the-Line Deductions Below-the Line Deductions Business Deductions Asset-Sale Deductions Refundable Credits Nonrefundable Credits Carryover Credits Business Tax Credits 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 sometimes think provide the same tax benefit, but don’t, are “tax deductions” and “tax credits.” [...]
Some laws require employers to provide information to employees via a written policy. Policies are also important for communicating company expectations and requirements. Here are 10 policies that are considered must-have for 2022: #1: COVID-19 By now, many employers have written policies that address masks, vaccination, social distancing, and other safety measures to help prevent the spread of COVID-19 in the workplace. Employers should [...]
Article Highlights Spousal IRA Compensation Requirements Maximum Contribution Traditional or Roth IRA? One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly female workers with families. While they remain unemployed, these women will have lost the opportunity to build up their retirement nest egg through their employers’ retirement plans. However, those who are married [...]
Article Highlights Aging Population Home Improvements for Medical Care or Treatment Improvements That Increase the Home’s Value Improvements That Do Not Increase the Home’s Value Medical AGI Limitations According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65, as of 2018 16% of Americans were age 65 or older, and by 2030 all boomers will be at [...]
Many people dream of starting their own company, but if you’re one of the few who has turned their dream into reality, you know that it didn’t happen overnight. Making your business a success involved plenty of research, preparation, and hard work that you were happy to invest in. What few who are ready to move on realize is that selling requires almost the [...]
Article Highlights Sec. 529 plans Coverdell Education Savings Accounts The Lifetime Learning credit Qualified Education Loan Interest Some in Congress have proposed “free” (i.e., government-paid) tuition for community college attendance. Even if that proposal were to become law, it still leaves parents and their children-students responsible for paying for college and university attendance if the student wants a bachelor or other degree. Over the [...]
Are you the type who makes New Year’s resolutions? Though the vast majority of those who pledge self-improvement focus on losing weight or exercising more, deciding to brush up on your bookkeeping habits may actually be smarter – and easier to stick to. If you’ve ever found yourself shaking your head at your own process, the beginning of the year is the perfect time [...]
Article Highlights American Rescue Plan Advance Payments Payment Reconciliation IRS Letter 6419 Refund May Not Be as Expected Unusual CTC Circumstances Economic Impact Payment Letter 6475 Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age [...]
