Category Archives for Small Business Tax Advice
IRS Targets Gig Workers and Foreign Income Recipients
Taxpayers face consequences for failing to meet certain tax obligations.The Internal Revenue Service (IRS) recently issued a notice to “gig economy” service workers and those who receive a foreign
Read MoreManaging the ERC Misinformation Epidemic
I'm sure you've heard the radio ads telling business owners: "If you were impacted by COVID, you could be entitled to up to $26,000 per employee in refunds from the IRS. Call today! Don't delay!" The breathless
Read MoreTax Filers Must Answer New Crypto Question or Face Consequences
The Internal Revenue Service (IRS) issued an alert recently to taxpayers, reminding them that they must report all digital asset-related income and answer a new digital assets question on their 2022 federal
Read MoreWhat the Wealthy Can Fear from a New IRS Law on $600 Payments
A new IRS law that requires cash apps and online marketplaces including Venmo and eBay to send tax documents to millions of Americans is ensnaring a surprising demographic: the wealthy.Under the rule,
Read MoreWhat Is a 1099-K? Who Gets One and How It Works
Simply put, a 1099-K form is a record that a third-party payment network transferred at least $600 to you during the year.Did you get paid more than $600 in 2022 for goods or services through a third-party
Read MoreNow is the Time for Year-End Tax Planning
With only a little while left in 2022…It’s time to review your year-end tax plans.Knowing the federal tax breaks to take advantage of and the pitfalls to avoid can save you money. Let’s start
Read MoreTax Relief For Victims of Hurricane Ian in Florida
The Internal Revenue Service (IRS) recently announced that individuals, households, and residents who have a business anywhere in the state of Florida qualify for Hurricane Ian tax relief. Here are
Read MoreHow Bonuses are Initially Taxed May Create Tax Issues
If your bonus doesn't have the proper withholdings taken out up front, it may create taxes due when you file your tax return.This has been an ongoing issue for people who are paid bonuses during the tax
Read MoreWhat Independent Contractors Need to Know About Taxes
If you’re self-employed or a freelancer, you are likely paid as an independent contractor rather than as an employee. And paying taxes as an independent contractor is different from paying employee taxes.Many
Read MoreHow to Pay No Income Taxes
Find out what it takes to be part of the "44%" who don't pay taxes.You've probably heard about the famed 44% of Americans who pay no income taxes at all. How do you join this club? Here are several ways
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