Author: taxsecretsblog

Taxation is often overlooked in the shadowy world of counterfeit luxury goods, where the allure of high-end fashion meets mass production. While designer knockoff purses, shoes, and accessories may seem like harmless replicas at first glance, their presence in the market triggers a cascade of

The Massachusetts state legislature is currently deliberating on a bill that could have far-reaching consequences for the state's academic institutions, including heavy-hitters like Harvard University and the Massachusetts Institute of Technology (MIT). Titled "An Act to Support Educational Opportunity for All," the proposed legislation targets private

The landscape of tax legislation in the United States has been marked by constant evolution, with changes often reflecting the broader economic and political priorities of the time. One area that has seen significant shifts, and consequent uncertainty, involves the treatment of research and development

Tax law is as complex as it is daunting. Each year, countless taxpayers find themselves entangled in disputes that lead to the tax court. Understanding the most litigated tax issues can empower you and your business to navigate the tax maze more effectively, ensuring compliance

Understanding your company's journey from inception to maturity is not optional if you want to have a successful career as a business owner. The business life cycle, a concept thoroughly explored by experts in corporate finance, serves as an essential roadmap for entrepreneurs and owners

May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer

The case of rapper Tekashi 6ix9ine, born Daniel Hernandez, offers a real-life example of what can happen when the Internal Revenue Service (IRS) takes action against taxpayers who do not meet their legal obligations. The 27-year-old musician’s encounter with the IRS unfolded at his home

As parents, ensuring the financial security of our children is paramount. One effective tool for this is a custodial account, a financial mechanism designed to hold and protect assets for minors until they reach adulthood. In this article, we will explore what custodial accounts are,

In a move that could significantly shape the direction of Chicago's future housing policies, voters resoundingly rejected Mayor Brandon Johnson’s proposal to impose a tax hike on real estate transactions exceeding $1 million. The “Mansion Tax” measure, aimed at channeling funds into combating homelessness and

When it comes to managing your small business finances, establishing a consistent routine is important. This is especially true when using QuickBooks, a powerful accounting software system that can help you stay organized and make informed decisions about your finances daily. Here are five key