Category Archives: Uncategorized

Owners of small businesses have to deal with a number of annual reporting and compliance requirements. Deadlines for two reporting requirements for the 2023 tax year are coming up. 1099 Forms If your small business or sole proprietorship paid for … Continue reading →

Gifts to IndividualsUnder the annual “gift tax exclusion,” you can make gifts in tax year 2023 of up to $17,000 to as many individuals as you want, with no federal gift tax consequences and no requirement to report them to … Continue reading →

Getting organized is half the battle in being ready to have your tax return filed. Having your tax records in order well in advance of the filing deadline can avoid last-minute mistakes that could slow your refund or cause you … Continue reading →

What’s the difference between a hobby and a business? A business operates to make a profit. While hobby activity may result in some income, people engage in a hobby primarily for enjoyment or recreation, not to make a profit. Expenses … Continue reading →

Note: Open enrollment for FSAs takes place at the beginning of new health plan years, typically from mid-November to mid-December. Health Saving Accounts (HSA) and Flexible Spending Accounts (FSA) are both types of savings accounts that let you set aside … Continue reading →

Households can take advantage of Florida’s annual average of 237 sunny days by installing solar panels on their homes. Florida ranks 6th in the country for solar use. What is a clean energy tax credit? The Residential Clean Energy Credit … Continue reading →

Real estate, in the form of the home you live in, is one of the most common investments that people make. Like any other investment, when a home is sold, you may be liable for tax on any profit made. … Continue reading →

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 →

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 →

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 →