Author: taxsecretsblog

Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections Offer-in-Compromise About 3 out of 4 American taxpayers receive a refund

Article Highlights: TV Employer Retention Credit Promotions Employer Retention Credit Qualifications Business Operations Curtailed Significant Decline in Gross Receipts Recovery Startup Business Facts Tax Trap If you are a business person relaxing at home after a long day’s work, watching TV and a commercial comes

According to one recent study, the global food service market size was valued at an impressive $2.3 trillion as of 2021. That number is expected to grow to an incredible $5.1 trillion by the end of the decade. In recent years, many restaurateurs in the

At its most straightforward, the Work Opportunity Tax Credit is available at the federal level to businesses that go out of their way to hire people from a targeted group that has historically had difficulty finding gainful employment. The theory is to encourage business owners

Article Highlights: Household Employees Tax Avoidance Form 1099-K Filing 1099s Correct Procedures W-2s, Payroll Taxes and Reporting Overtime Hourly Pay or Salary Separate Payrolls If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that

If you had to make a list of all the things that most business owners hate, taking care of accounting and other financial matters is probably right at the top. Yet at the same time, a lot of those same business owners are struggling. Maybe

Article Highlights: Keeping home improvement records Home gain exclusion amounts Records may be required to avoid tax Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain will never exceed the amount of the tax code’s exclusion for home gains

Article Highlights: Employee Compensation Self-Employment Compensation Parsonage Allowance Primary Residence Fair-Market-Value Limitation Designation by the Employing Organization Business Expenses and Excluded Income Retirement Vows of Poverty Self-Employment Tax Exemption Members of the clergy are taxed on not just their salary but on other fees and

Article Highlights: Caring for Disabled Family Members Qualified Medicaid Waiver Payments Exclusion Qualifications Mandatory Exclusion Earned Income Earned Income Tax Credit Tax Court Ruling Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing

Article Highlights: Non-statutory Option Wage Income Statutory (Incentive) Options Capital Gains Alternative Minimum Tax Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up