by Admin | Aug 9, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Uncategorized
The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the IRS might want to audit your...
by Admin | Aug 4, 2022 | Business Taxes, Tax Planning
With a potential recession on the horizon, most small businesses, in particular, are looking for avenues to cut costs wherever they can. However, that doesn’t mean that your business can’t still grow – you just have to be savvy about how you do it....
by Admin | Jul 28, 2022 | Business Taxes, Individual Taxes, Tax Planning
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 may have already made or make you aware of what issues you may face if you are in the...
by Admin | Jul 26, 2022 | Business Taxes, Individual Taxes, Tax Planning
August 10 – Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA...
by Admin | Jul 26, 2022 | Business Taxes, Individual Taxes, Tax Planning
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 can impact taxpayers in several ways, some unexpected, so you may...
by Admin | Jul 19, 2022 | Business Taxes, Entrepreneurial
The Work Opportunity Tax Credit (WOTC) is a general business credit that is jointly administered by the Internal Revenue Service (IRS) and the Department of Labor (DOL). The WOTC is available for wages paid to certain individuals who begin work on or before December...
