Author: taxsecretsblog

For small business owners, in particular, growing a business has always been something of a challenge. On the one hand, you don't want to grow too quickly - doing so can significantly damage the trajectory that you've set out on. But at the same time,

With a potential recession on the horizon, most small businesses, in particular, are looking for avenues to cut costs wherever they can. However, that doesn't mean that your business can't still grow - you just have to be savvy about how you do it. With

If there was ever an industry whose owners should understand the need for discipline and diligence around bookkeeping and accounting, it’s those who work in the fitness industry. Personal trainers and gym owners are perpetually encouraging their clients to set an intention, make a plan,

The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the IRS might

Article Highlights: Charitable Itemized Deductions Bunching Deductions Qualified Charitable Distributions Donor-Advised Funds Volunteer Expenses Misconceptions Household Goods and Used Clothing Documenting Charitable Contributions Your charitable contributions include a wide variety of tax-saving opportunities, some you may not be aware of and some that are frequently

Article Highlights Required Minimum Distributions Qualified Charitable Distribution QCD Benefits Fly In the Ointment Tax law requires individuals who have reached age 72 to begin taking minimum distributions from their traditional IRA accounts. These are referred to as a required minimum distribution or RMD. The

Article Highlights: Non-Refundable Tax Credit Other Incentives Qualifications Financing Who Gets the Credit Credit Timing Newly Constructed Homes Batteries If you have been considering installing a solar electric system on your home and taking advantage of the lucrative federal tax credit, time is running out.

Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Form 1099-S IRS Matching Records If you sold your home this year or are thinking about selling it, there

Article Highlights: 1099-K Reporting Threshold IRS Is After Unreported Income Venmo, e-Bay, Etsy, and Others Deductible Expenses Self-employment tax Self-employment Retirement Self-Employed Health Insurance Deduction  Hobby vs. Business Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from

July 2022 Individual Due Dates July 1 - Time for a Mid-Year Tax Check-Up Time to review your 2022 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 11 - Report Tips to Employer If you