Taxes

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 The IRS Tax law, since 2011, has required third-party settlement organizations such as Venmo, PayPal, CashApp, and

Michael J. DaCorta, a 57-year-old man from Sarasota, Florida, recently learned the hard way that the biggest downside of cheating the IRS and running a longtime Ponzi scheme can be summed up in two fairly straightforward words: "federal prison." In October, it was announced that

Especially in the early days of a business, it can be natural to want to handle as many day-to-day tasks yourself - bookkeeping included. Sometimes, it's in an effort to save money. Often, entrepreneurs just feel like they're in a better position to handle everything

Article Highlights: Standard Mileage Rates for 2023 Business, Charitable, Medical and Moving Rates Important Considerations for 2023 Switching Between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs  As it does every year, the Internal Revenue Service recently

Article Highlights: Required Minimum Distribution (RMD) Penalty for Not Taking an RMD Excess Contribution or Distribution Penalty Statute of Limitations Nanny Retirement Contributions Credit for Small Employer Pension Plan Start-up Costs Military Spouse Retirement Plan Eligibility Credit for Small Employers Firefighter Retirement Distributions Penalty-Free Withdrawals

Article Highlights: W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement-Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle Mileage College-Tuition Plans Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. W-4

Article Highlights: Non-business deductions Tax bracket Above-the-line deductions Itemized deductions Business deductions Tax credits Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because

Article Highlights: The Forgiveness Plan Supreme Court Qualifications Tax Issues Payment Moratorium Current Applications President Biden's student loan debt forgiveness plan was originally authorized by an executive order and announced on August 24, 2022. It subsequently hit a snag when two court cases put a

Article Highlights Family Member Transactions Renting to a Relative Below-Market Loans Transferring Home Titles Gifts Basis Life Estate Incorrect Withholding Child Files Incorrect Return When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following

FTX Group, also officially referred to as FTX Trading Ltd., is a cryptocurrency company that is currently in the process of bankruptcy proceedings. In addition to previously operating as a cryptocurrency exchange, it was also a crypto hedge fund. It was originally founded in 2019