Income falls into three buckets Active Income (wages, business where the taxpayer is materially participating, etc.) Passive Income There are two kinds of passive activities. 1. Trade or business activities… Read More »Active or Passive? That is the question…
The two primary accounting methods are accrual and cash basis The main difference between the two methods is the timing of when expenses and revenues are recognized. There are advantages… Read More »Accrual vs. Cash Basis
What is a 1099? Businesses and Individuals Required to file Forms 1099 Due Date for Forms 1099 Information required to file a 1099 Electronic Filing Update – New IRS Portal… Read More »Filing 1099s in 2023 – Updates and New IRS Filing Portal
annualized 9.62% interest rate for 6 months
If you sold capital assets in 2022 and generated taxable capital gains, it’s a great time to consider harvesting your capital losses to reduce or eliminate the capital gains tax. Below are a few strategies to consider.
Congress and the Trump Administration agreed to a deal for what will be the largest stimulus package in American history. Overnight, senators and the Trump administration officials reached a deal… Read More »The Largest Stimulus Bill in U.S. History
The U.S. Small Business Administration (SBA) has approved certain cities and states whose businesses have been negatively impacted by COVID-19 to be approved for the Economic Injury Disaster Loan. On… Read More »SBA Economic Injury Disaster Loan Application Process
Wow! What a day. Monday, March 16, 2020 was intense. Tax deadline, concerned clients, family and friends, relocating my staff and all of their equipment to work from home, setting… Read More »Hunkered Down, day 2
