Can the IRS See Your Venmo, PayPal, or Cash App Transactions?
Learn how payment apps, 1099-K rules, and scattered income can create tax surprises for small business owners, freelancers, and gig workers.
Did You Repay Money You Paid Taxes on in a Prior Year? There is a Solution to Provide Tax Relief.
Learn how the Claim of Right doctrine may provide a tax deduction or credit when you repay income reported and taxed in an earlier year.
Breaking: IRS Restarts Collection Notices But Adds Penalty Relief
IRS introduces $1B penalty relief for 4.7M entities with back taxes during the pandemic. Automatic relief for incomes below $400K. Act now, visit IRS.gov. Deadline: April 1, 2024
Things To Consider When Starting a Business
Explore business entity options (e.g., sole proprietorship, partnership, C-corp, S-corp, LLC) and their tax and liability aspects for startups.
Nvidia Wasn’t Born an AI Juggernaut, But It Certainly Did Become One
Learn how strategic partnerships, groundbreaking products, and a timely pivot propelled Nvidia to become an industry leader, supporting both gaming and AI technologies.
The Gen Z Freelance Movement and the Tax and Bookkeeping Challenges That Come With It
Bookkeeping and especially taxes present significant challenges that people need to understand before choosing to go down this path moving forward.
Who Claims the Children’s Tax Benefits You or Your Ex-Spouse?
If you are a divorced or separated parent, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes.
How Biden’s Proposed American Families Plan Might Affect You
President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan.
How to Create Recurring Transactions in QuickBooks Online
When you’re doing dull, repetitive accounting work. That distraction leads to errors sometimes. So, besides the time you’re spending on work that could be automated, you have to tack on additional time to chase down your … Read More
Sold or Thinking of Selling Your Home?
In spite of (or in some cases, because of) the COVID-19 pandemic, and with near-record-low home mortgage interest rates, the housing market has been booming. September 2020 existing home sales were up 9.4% from August 2020 and 20.9% from 2019, according to the National Association of Realtors. 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 “thinking about” stage, this article covers the tax basics and some special situations related to home sales and the home-sale gain exclusion.