How to Speak “Tax”

This time of year and into April, we begin to hear a different vocabulary come to life: “Credit.”  “Exemption.”  “Adjusted Gross Income.”  It can seem as if your accountant speaks a different language from you. While we’ll do our best to explain the tax terms we use

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Moonlighting in the Gig Economy and Taxes

Are you one of the thousands of people who are working gig-type jobs for Uber, Lyft, DoorDash, Grubhub, or companies like them? Whether you’re full time or just moonlighting a few hours a week, the paperwork for this part of your taxes will be a little different.

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Sales Tax Checkup

Collecting sales tax is one of those things that most businesses need to do on a regular basis.  It’s also a chore that is somewhat done by machines and administrative personnel. If the rules change and the procedures go out of date, business owners who are not

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Tax Planning is Key This Year

If there ever was a year for tax planning, now is the time!  Some people and businesses will be in for a big surprise this year because of all of the changes in the tax law for the 2018 year.  Many people will be underwithheld on their

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Is Your Business an SSTB? (And Why Do You Care?)

QBI, 199A, SSTB—these are just a few of the new acronyms being tossed around as part of the recent business tax reform changes (like we don’t already have enough of them to remember!). Out of all the terminology, “SSTB” (Specified Service Trade or Business) seems to be

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The New 20% Small Business Deduction

There is a brand new 20% small business deduction that everyone is talking about. In the tax and legal professions, it’s fondly know at Section 199A. Here are some facts about this deduction: The Basics All pass-thru entities, such as Sole Proprietors, S-corporations and Partnerships that qualify

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Is Your Business Considered a Hobby by the IRS?

Very frequently tax preparers are asked to provide clarification on IRS rules that they heard from a friend, neighbor or colleague. Usually some part of the statement is true; however, there is always more to the story or it may not apply to that person’s specific situation.

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