Author Archives: Carol

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 →

In the last several years, we have seen major changes to the tax code under Congressional legislative actions. These include the Tax Cuts and Jobs Act in 2017, the Infrastructure Investment and Jobs Act in 2021 and, most recently, the … Continue reading →

With the holiday season in full swing, it’s helpful to review how we can make financial gifts to family, friends and charities – and the possible tax advantages and consequences. Gifts to IndividualsUnder the annual “gift tax exclusion,” you can … Continue reading →

You or your family, friends or neighbors may have sustained damage to your homes from Hurricane Ian, which is known as a “casualty” event. The cost of repairing or replacing aspects of your home such as roofs, trees or shrubs … Continue reading →

I have received many client inquiries about the Employee Retention Credit (ERC), part of the relief package passed by Congress to help small businesses deal with the coronavirus pandemic. A refundable government tax credit, the ERC enabled employers to continue … Continue reading →

AFTER HURRICANE IAN:Casualty Losses to Business Property One of my previous blog posts covered casualty losses to residential property due to a Federally declared disaster like Ian. In this post, I am addressing casualty losses to business properties. The issues … Continue reading →

Helping Employees with Hurricane Ian Recovery:Non-Taxable Disaster Relief Payments Many of my clients and associates are involved in the Hurricane Ian relief and recovery efforts in one way or another, through company or personal donations of money, supplies or volunteer … Continue reading →

Tax Law Changes for Tax Year 2022: Ten Tax Law Changes You Should Know About The 2022 tax season is months away, but it’s a good time for you to be aware of some changes that may affect your 2022 personal … Continue reading →