Category Archives: Uncategorized

Tax-Free Employee Expense Reimbursement – The Accountable Plan

An Accountable Plan is an arrangement for reimbursing employees for work-related costs in a way that meets IRS requirements and allows the reimbursed amounts to be treated as nontaxable income. Without an accountable plan, reimbursement for employee expenses is considered … Continue reading

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Tax Tips for Working Remotely

The number of employees working from home grew considerably during the COVID-19 pandemic. While many companies are now requiring workers to spend time in the office, significant numbers are still working remotely at least part of the time. Estimates of … Continue reading

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Tax Scams and How to Recognize Them

Every year during tax preparation season, the Internal Revenue Service issues its annual list of tax scams, called The Dirty Dozen – representing the common scams that taxpayers may encounter. These scams can happen anytime but especially peak during filing … Continue reading

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Independent Contractor or Employee?

Businesses have the option of paying a worker as a regular employee through Form W-2 (Wage and Tax Statement) or an independent contractor through Form 1099 NEC (Non-Employee Compensation). There are rules regarding each option and possible legal repercussions for … Continue reading

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Required Minimum Distributions from IRAs

Traditional Individual Retirement Accounts (IRAs) and other retirement plans are “tax-deferred plans,” meaning you don’t pay taxes on your account contributions or earnings until you take withdrawals. Because the IRS wants to start collecting those taxes sooner rather than later, … Continue reading

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Tax Avoidance Versus Tax Evasion

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

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Business Startup Expenses May Be Deductible

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

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Tax Year 2022 — Refunds May Be Smaller

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

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Snowbirds’ Guide to Florida Tax Residency

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

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Grandparents and Dependent Grandchildren

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

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