Tax Implications When Turning Your Hobby Into A Business
There are tax implications to consider when turning your hobby into a business. Perhaps you enjoy sewing and would like to open a seamstress business. Or maybe you would like
Taxes On An Appreciated Vacation Home
In general, owners can get way more than they paid for their vacation home if it’s located in an upscale area. While this is a good thing for the home
How To Ask Charitable Donors To Include You In Their Estate Plans
As a nonprofit, you can’t afford to neglect deferred, legacy or planned gifts. Generally, these gifts are made through living trusts and wills and are much larger than not-for-profit donations.
Tax Filing Status: Filing Jointly or Separately As A Married Couple
You must choose a tax filing status when you file your tax return. This status is used to determine your correct tax, eligibility for certain tax breaks, tax rates and
Filing Late Taxes Penalty
Income tax deadline may feel like it’s approaching at rocket speed if you haven’t caught up on your bookkeeping. Don’t make the situation worse by filing late taxes as this
Is Bartering Taxable Income?
tra Bartering is one of the oldest forms of trade. You may find it beneficial to barter in order to save your cash. Plus, the advent of the internet has
The Standard Business Mileage Rate is Increasing in 2024
Although not a significant amount, the standard business mileage rate is increasing in 2024 to 67 cents (up from 65.5 cents in 2023). Do you use the optional standard mileage
2024 Tax Season Questions and Answers
The IRS has announced that they will begin accepting and processing 2023 tax return on January 29. With this in mind, here are some tax season questions and answers that
What Is The Emergency Savings Account Employee Benefit?
The emergency savings account employee benefit is part of the SECURE 2.0 law geared towards employees facing emergencies. The actual name of this account is called pension-linked emergency savings (PLESA).
The Difference Between Accounting and Bookkeeping
When most people think about the difference between accounting and bookkeeping, they are confused about the distinction between each process. Although accountants and bookkeepers share similarities, they are used in
