Category Archives: Uncategorized

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 →

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 →