WHAT YOU NEED TO KNOW ABOUT CONVERTING AN S CORP TO A C CORP
The type of business that you're running has major implications in virtually all areas of your operations, especially when it comes to federal taxes. An S Corporation (or S Corp for short) is one that passes corporate income, losses, deductions, and credits to its shareholders....
YOU MAY NEED TO PREPARE FOR 1099-K REPORTING
Article Highlights:1099-K Reporting ThresholdIRS Is After Unreported IncomeVenmo, e-Bay, Etsy, and OthersDeductible ExpensesSelf-employment taxSelf-employment RetirementSelf-Employed Health Insurance DeductionHobby vs. BusinessThe IRS Tax law, since 2011, has required third-party settlement organizations such as Venmo, PayPal, CashApp, and Ebay to report transactions over $20,000 in payments per...
WONDER WHAT A TAX DEDUCTION IS WORTH?
Article Highlights:Non-business deductionsTax bracketAbove-the-line deductionsItemized deductionsBusiness deductionsTax creditsIndividuals are always looking for tax deductions that can reduce their tax liability. Are you wondering what a tax deduction is worth? Or what is the actual tax benefit derived from a tax deduction? There is no straightforward...
2023 – NOW’S THE TIME TO BRUSH UP YOUR BOOKKEEPING HABITS
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...
Better Bookkeeping in 2023…Yes Please!
Bookkeeping is an Important Part of Managing Your Business!Here are some of our top tips for keeping your bookkeeping in check:1. Make sure you have a detailed record of all financial transactions. This includes income and expenses, as well as any transfers between accounts.2. Set...
HUGE CHEAT FOR 2023: TAX, PAYROLL AND PERSONAL FINANCE CALCULATORS
Everyone can use a little extra help as we approach tax time!This section includes a library of over one hundred financial calculators. The calculators are easy-to-use and provide in-depth analysis for virtually any financial scenario, along with graphs, charts and tables. The calculators are categorized...
STATUS OF THE BIDEN ADMINISTRATION’S STUDENT LOAN FORGIVENESS
Article Highlights:The Forgiveness PlanSupreme CourtQualificationsTax IssuesPayment MoratoriumCurrent ApplicationsPresident Biden's student loan debt forgiveness plan was originally authorized by an executive order and announced on August 24, 2022. It subsequently hit a snag when two court cases put a hold on the plan, which was one...
UNDERSTANDING TAX-DEFERRED INVESTING
Article Highlights:Income DeferralEarnings DeferralIndividual Retirement AccountsRetirement AccountsBank SavingsShort- and Long-Term Capital GainsEducation Savings AccountsHealth Savings AccountsInstallment SalesTax Deferred ExchangesQualified Opportunity FundsWhen you are attempting to defer the taxability of a capital gain, save money for your children’s future education or plan your retirement finances, you...
YOUR 2023 TAXES – LOOKING AHEAD
Article Highlights:Solar CreditHome Backup Electric Storage Battery CreditHome Energy Improvement CreditResearch CreditClean Energy Vehicles (New and Used) CreditsStandard Deduction IncreaseIncreased Retirement Plan ContributionsOther Tax-Related Inflation AdjustmentsYOUR 2023 TAXES - LOOKING AHEADWith the holiday celebrations coming to an end and the New Year just around the...
ARE YOU AN S-CORP SHAREHOLDER OR PARTNER OF A PARTNERSHIP?
What you need to know:Article Highlights:Schedule K-2 and K-3 Filing RequirementsBackgroundFast Forward to the PresentDomestic Entity K-2/K-3 Filing ExceptionPartner or Shareholder NotificationWhere You Play a RoleForm 1116 – Foreign Tax Credit Filing ExceptionForm 1116 Exception Entity NotificationThere is an important issue related to filing the...