Archive for the Tax Tips Category

In recent years, the rise of remote work has significantly impacted the way we approach employment. Whether you are self-employed or an employee working from home, you may be wondering about the potential tax benefits of your home office. It’s important to understand the differences between the

If you haven’t, don’t worry – it’s a fairly new concept that’s been gaining popularity in recent years. A digital nomad is someone who works remotely and is not tied down to a physical location. This means they can work from anywhere with an internet connection, whether

As the popularity of cryptocurrencies continues to grow, so does the scrutiny from government agencies like the Internal Revenue Service (IRS). The IRS has been working hard to ensure that taxpayers who invest in cryptocurrency are properly reporting their gains and losses on their tax returns. In

In general, income can be received in three ways – money, services, and property – and IRS requires you to declare most of this income on your tax return. Income is taxable unless specifically exempted by law, and in some cases, even nontaxable income must be disclosed

Are you running a business? Or just having fun with a hobby? The IRS has strict rules for determining the difference between a business and a hobby for tax purposes. While expenses incurred to conduct a business are deductible, expenses incurred for a hobby may not be,

While a deduction can reduce the amount of taxable income, credits can directly reduce the amount of tax owed, so they offer a greater tax benefit. Sometimes, credits can be refundable, which means that they might generate a refund for you even when you don’t owe tax.

Are you considering buying an electric vehicle in 2023? The rules have recently changed, due to the passage of the Inflation Reduction Act of 2022 (the “Act”) in the summer of 2022. This bill included a range of new tax rules addressing various areas, and one of

Performing these tasks at year-end will help your tax professional prepare your return accurately, plus it will make your tax professional very happy when you have these answers at the ready! Write down the odometer reading on the vehicles you use for business. It is important to

When the SECURE Act went into effect on January 1, 2020, there were many open questions from tax professionals and taxpayers about Required Minimum Distributions (RMDs) and how certain provisions of the new legislation should be treated. Some of the language in a number of the provisions

Keeping your business’s books clean all year long can help to provide more accurate financial statements and reports as well as an easier tax time. Here is a checklist of activities to perform periodically to keep your books clean. Make sure all bank accounts are reconciled. Make