Author: taxsecretsblog

When we are talking about building a sustainable business, we are talking about one that is built to last. Often, entrepreneurs get caught up in the headlines about businesses with hyper-growth rates. We start thinking of how we can replicate these results. But what is

Article Highlights: Benefits of College Savings Plans Contributions Plan Modifications by Recent Tax Acts Prudence in Using the Funds Gift Tax Twist The Qualified State Tuition Plan, often referred to as the Sec 529 Plan, is a tax-beneficial incentive for parents, grandparents, and others to

Therapy and counseling are invaluable services, and counselors make such a difference in clients’ lives that it’s hard to remember that they’re also operating a business. But if you’re a therapist it’s no surprise to you. With tax time right around the corner, now’s the

When we are talking about building a sustainable business, we are talking about one that is built to last.  Often, entrepreneurs get caught up in the headlines about businesses with hyper-growth rates. We start thinking of how we can replicate these results.  But what is

One of the most important things to understand about selling a business is that this is not a decision that should be made lightly. This is true both in terms of who you sell to and with regard to what will happen to your finances

Article Highlights: Itemized Deductions Above-the-Line Deductions Below-the Line Deductions Business Deductions Asset-Sale Deductions Refundable Credits Nonrefundable Credits Carryover Credits Business Tax Credits Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently

One of the most important things to understand about selling a business is that this is not a decision that should be made lightly. This is true both in terms of who you sell to and with regard to what will happen to your finances

It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking for ways to counter the impact and preserve financial stability can start

Article Highlights: Prior Article ID.me Treasury Decision IRS Third-Party Authentication A prior blog article posting included an article about the IRS’ plans to use ID.me facial recognition software for taxpayers and others to authenticate access to their online accounts. Under pressure from privacy activists and

Article Highlights: Form 1099-K Reporting Threshold Marketplaces Payment Processors (credit and debit cards) Online Service Providers Airbnb and VRBO Delivery and Other Personal Services Business Expenses Record Keeping For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors