Blog

pMost of the time, children are considered to be an extension of their parents when it comes to legal application until the age of majority.  Therefore, many taxpayers are surprised to learn their child is a separate taxpayer, even as a minor.  If your child has enough income, he or she has an obligation to file a return and pay the tax.  In some c

p“You should sell those.”  It’s a phrase many people have heard when showing someone their crafts.  When does a hobby become a business?  Is it when you first start selling your items?  Is it when you first turn a profit?  When can you start deducting expenses against the income?brbrWhile the IRS makes a distinction between a legitimate business an

pIn recent years, raising money online through third-party backers, or crowdfunding, has grown in popularity.  Originally utilized mostly by musicians, filmmakers and for other creative endeavors, it has now become a more widespread method of raising money for a trip, medical expense, or startup, and is often a quicker and easier alternative than c

pWith the close of 2018, we begin to look ahead to 2019 and ensuring that we set ourselves up for a good tax outcome at year end.  There are many things to consider as you move through the tax year and some require pre-planning to ensure maximum benefit./ppThe first thing to do is ensure that you are withholding enough from your paycheck or distrib

pVehicle purchases are one of the largest expenses for most families.  With an increase in people choosing to lease instead of buy, what are the differences?  As with most decisions in life, taxes should only be one of the considerations.

pFor most standard wage earners, preparing for your tax filing is fairly simple.  You receive a Form W2 in the mail and unless you have other rental properties or other complications, your return is relatively straightforward.  But for the freelancer, things aren’t quite as simple./ppWhen you are a sole proprietor, independent contractor, freelance

pIn 1993, then President Bill Clinton sought to find a support system to aid the rapid growth in the workforce, which was increasingly made up of women with families.  a href=https://www.dol.gov/whd/regs/statutes/fmla.htmThe Family and Medical Leave Act/a (FMLA) was passed “to balance

pWith the introduction of the Tax Cuts and Jobs Act, many taxpayers are wondering how it will affect the tax deductibility of their medical items – like insurance.  Largely, the new tax bill has left these deduction as they were, albeit perhaps harder to take the itemized deductions/ppThe first medical deduction that most people thing of is actual

pWhen most of us think about running our business, we think about the fun things like product development, marketing and customer outreach.  For most business owners, the idea of accounting is, to say the least, not exciting.  We know we need it, and moreover, we love to do everything ourselves. But at the end of the day.

pYou had a great idea and now you’ve put it in motion as a business.  And while income recognition is easy to determine, qualified business deductions can be a bit harder.  So… what are the most common tax deductions for small businesses?/ppAny materials you utilize for marketing your business and the cost of developing these can be deductible.  Th