Turning Your Hobby Into a Business
Tuesday, June 22
Turning Your Hobby Into a Business You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you do it wrong. One of the main benefits of turning your hobb...
Hire Your Kids for Tax Savings
Monday, June 21
Summer’s almost here, and soon most children will be on their long-awaited summer vacation. If you own or manage a business, have you thought of hiring your children, nieces, or nephews for a summer job? If you do it right, it can be a win-win situation for everyone. The kids will earn some money...
Forced to Withdraw from Retirement Accounts?!?!? What You Need to Know
Friday, June 18
We're always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But did you know the government does an about-face and forces us to take money out of those accounts once we reach retirement? It's called the required minimum distribution (RMD) rule. Here are som...
You Received A Letter from the IRS! What Steps Should You Take?
Friday, June 18
If you receive a notice from the IRS, do not automatically assume it is correct and submit payment to make it go away. Because of all the recent tax law changes and so little time to implement the changes, the IRS can be wrong more often than you think. These IRS letters, called correspondent aud...
Don't Lose Your Tax Refund!
Thursday, June 17
The tax filing due date often brings a sigh of relief to most taxpayers. Unfortunately, every tax day also closes the window on the ability to claim a refund. According to the IRS, in 2017 up to 1.4 million individuals representing $1.35 billion in unclaimed refunds had this money turned over to ...
Tax treatment for family members working in the family business
Wednesday, October 23
Tax treatment for family members working in the family business One of the advantages of someone running their own business is hiring family members. But when including family members in business operations, certain tax treatments and employment tax rules apply. Here are some facts to know when w...