Author: taxsecretsblog

Just about everyone has an opinion on the healthcare system in the United States. What may Americans don’t realize, however, is that there’s another tangential battle going on when it comes to healthcare facilities themselves. Property tax breaks – specifically for non-profit hospitals and clinics

Article Highlights: 1099-K Reporting. Third-party Settlement Organizations. American Rescue Plan of 2021 Mandated Reporting Threshold. Delayed Implementation 2023 Threshold 2024 Planned Phase-in Threshold Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of

Article Highlights: New Lower threshold for e-filing information returns Why the e-filing mandate? What is an Information Return? Other affected filings Corrected information returns Noncompliance Penalties Waivers IRS Portal Businesses, whether operating as a corporation, partnership, or a sole proprietorship, have been required to electronically

Year-End Tax Planning Opportunities Are Here Article Highlights: Not Needing to File a 2023 Return? Are Your Children Attending College? Did You Sell Your Home This Year? Do You Have an Employer Health Flexible Spending Account? Did You Become Eligible to Make Health Savings Account

December 2023 Individual Due Dates December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2023. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and

December always seems to fly by. In just a few short weeks, Thanksgiving dinner will be over and it will be time to welcome the New Year. The holiday season brings personal obligations, but for retailers, it's also the busiest time of the year. Even

As a business owner, understanding the value of your company is crucial for various scenarios, from transactions to tax reporting, financial reporting, and even potential litigation. In this comprehensive guide, we’ll address ten commonly asked questions about business valuations, providing you with the knowledge you

In the relatively new content creation industry, creators often find themselves in unique – and, frankly, bizarre – tax situations in their quest to go viral or amass a major following. What people don’t always of them don't realize, however, is that these extraordinary experiences

Article Highlights: Annual Gift Tax Exemption Gift Splitting Lifetime Estate Tax Exemption Education Exception Medical Exception Qualified Tuition Plan Contributions Spouse’s Unused Estate Tax Exclusion States With Estate Taxes Why Should You Be Concerned? Gift & Estate Tax Rates Gift and estate taxes are both

As a taxpayer and business owner, you may be considering converting your personal vehicle to business use. This decision can offer significant tax and financial advantages, but it's crucial to understand the process and legal implications. Here's a step-by-step guide to help you navigate this