Author Archives: Carol

Although they sound similar, “tax avoidance” and “tax evasion” are completely different. Tax avoidance lowers your tax bill by structuring your transactions so you realize the largest tax benefits – in a completely legal way. Tax evasion, on the other … Continue reading →

Even before a business is off the ground, expenses are often incurred, from prospecting and market research to travel and interviewing prospective employees. Essentially, you are spending money before you have the opportunity to make money. Fortunately, some startup costs … Continue reading →

Many families see the annual tax refund check as a windfall that will finance a family vacation or to catch up on bills. Unfortunately, that may not be as true in 2022 and going forward. Several tax credits offered on … Continue reading →

Florida is a haven for snowbirds not only for its warm winter weather and outdoor lifestyle but also as being one of the few states without a state income tax. If you live in a state with a high state/local … Continue reading →

Grandparents who are raising their grandchildren may be able to claim a number of tax benefits on their tax returns. The details of determining if grandchildren can be claimed as dependents can be challenging and are best left to your … Continue reading →

The $1.7 trillion federal spending bill signed by President Biden in December includes several changes to retirement plans. Among them are changes to both Roth IRAs and Roth 401(k)s, including an opportunity to move leftover money in a 529 college … Continue reading →

Small business owners can take deductions for a number of expenses that the IRS considers “ordinary and necessary” to conducting a business. Below are some deductions that are sometimes overlooked, that may lower your taxable income and reduce your tax … Continue reading →

Digital currencies have had dramatic ups and downs in recent years and especially the last few months. But since Bitcoin was launched in 2009, digital assets have steadily become more popular. Not surprisingly, these new forms of assets give rise … Continue reading →

More taxpayers than ever before are starting home-based businesses. Some are working as newly independent contractors in the same fields where they worked as employees, while others are opening totally new fields of venture. No matter what your situation, the … Continue reading →

Owners of small businesses have to deal with a number of annual reporting and compliance requirements. I wanted to mention briefly two reporting requirements for the 2022 tax year with upcoming deadlines. 1099 FormsIf your small business or sole proprietorship … Continue reading →