Author: taxsecretsblog

As the business world becomes increasingly competitive – and increasingly digital – it is essential to maintain meticulous financial tracking and accurate recording of all incoming funds. QuickBooks Online (QBO) is an excellent resource for small business owners who are looking to do their recordkeeping

Article Highlights: Unexpected 1099-MISC Cash Winnings Prize Winnings Famous Prize Winnings If you like to watch game shows and enjoy all the excitement that goes with watching contestants win prizes, then you can add another element to your viewing pleasure by considering how the contestants

November 2023 Individual Due Dates November 13 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later

Article Highlights: Overview Innocent spouse relief Separation of liability Equitable relief Fairness Facts and Circumstances Confidentiality  If you are or were married and filed your federal tax return jointly with your spouse, and you were unaware of potential errors or underreporting on that tax return

Article Highlights: Prior ERC Scam Warnings What is the ERC? IRS Shifting Focus Latest Guidance for Withdrawing a Claim Who Can Withdraw a Claim Under the New Procedure Procedure for Withdrawing a Claim Despite warnings from the IRS, the American Institute of CPAs, and other

Article Highlights: Service Member and Spouse Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction Death Gratuity Payments Child Credit Earned Income Tax Credit IRA Contributions Reservist’s Travel Expenses Qualified Reservist’s Early

In the dynamic world of startups, navigating uncharted waters is part of the game. As entrepreneurs, we're often so laser-focused on building the next big thing that we may overlook the importance of structuring advisory relationships with care. It's not uncommon for startups to be

Article Highlights: Taxation of Non-resident Aliens FDAP Income Effectively Connected Income Form 1040NR – Non-resident Tax Return Form 8233 - Tax Treaty Exemption from Social Security and Medicare Form I-9 - Employment Eligibility Verification Form W-4 – Employees Withholding Certificate Form W-7 - Application for

Article Highlights: Low Income Year Limitation on Tax Itemized Deduction State Income Tax Refund Social Security Taxes Deduction NOL Carryover Military Reservist Travel Expenses Child’s Private School Expenses Student-Loan Interest Home Energy Improvement Credit Home Solar Credit Clean Vehicle Credit Gambling Losses Live in a

Article Highlights: Accountable Plan Overcoming Tax Cuts and Jobs Act Limits Benefits From an Employers Point of View Benefits From an Employees Point of View IRS Criteria Basic Plan Wording Plan Customization As an employer or an employee one intricacy of tax laws and regulations