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pIn this gig economy, more taxpayers than ever before are receiving tip income. Whether the tips are from waiting tables, driving for Uber, or making home deliveries, those tips are considered taxable income. However, there is a lot of confusion over how to report tip income, what is the threshold for reporting and who should report it.

pWith the recent coronavirus outbreak, discussions of paid leave, and states of emergency, more attention has been paid to sick time and paid time off than ever before. If you’re a small business owner with just a few employees, you might not have an official sick time policy.

pDo you have an elderly parent or adult relative that you take care of? It doesn’t have to be a parent; it could be an adult child with special needs, an elderly aunt or another close relative. As long as it is a qualifying relationship, the IRS allows you to claim such a persons as a dependent on your tax return.

pBeing able to borrow is a huge benefit when you need extra help, but debt is a huge burden that is very hard to dig your way out of. The problem is that debt creeps up on you over time. No one purposely goes into debt for tens of thousands of dollars.

pSelling cheesecakes on the side, or DJ’ing friend’s weddings? You’re not alone. Over a href=https://smallbiztrends.com/2018/03/side-hustle-stats.html15% of Americans/a work a side hustle, for reasons ranging from building a savings account to paying off debt.

pDear Valued Clients,/ppAs everyone knows, the COVID-19 virus has caused a major and unprecedented disruption in our communities. Our top priority is meeting deadlines for our clients and providing them with  the information and support that they need.

pWhether you run a brick and mortar business or an ecommerce business, you have to deal with charging sales tax. How and when to charge sales tax has always been a confusing issue for business owners. And since more people are now running both an ecommerce operation in tandem with a brick and mortar operation, the issues are even more confusing.

Dear Valued Clients,
With the news surrounding the COVID-19 changing so rapidly, we want to share steps The Soroudi Group, CPAs is taking and the latest COVID-19 emergency news as it pertains to this tax season. With this everchanging pandemic, we’ll do our best to keep you informed of the latest development.

pAs a business owner, you’re entitled to a plethora of tax deductions. These tax deductions can help you to offset business income, which ultimately helps you be more profitable. Of course, you need to be careful with your tax deductions. Always consult with your CPA about which deductions are available to you, and how to take them.

pIf you’ve been relying on word-of-mouth, newspaper advertising, and local networking to bring in new clients, it’s time to expand your thinking.