Many parts of the country are approaching peak air conditioning season, which often means higher utilities. If your utility bill has recently caught your attention, you may be considering home improvements to lower those bills. Luckily there are tax credits availble that are meant to encourage people to make energy efficient home improvements. With the […]
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Newlywed Checklist
Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. Your marital status as of December 31 determines your tax filing options for the entire year, but that’s not all newlyweds need to know. Report a name change If you or your spouse are changing a […]
Read more...Is Your Side Hustle a Hobby or Business?
It seems like “side hustles” are all the rage these days. But come tax day, the tax treatment of these endeavors can be a big question mark — especially since these often aren’t the primary source of income for those who take part in them. Hobbies and businesses are treated differently when it comes to […]
Read more...Home Improvements and Home Energy Credits
With summer on our doorstep, the thoughts of many people go to home improvements that should be done now that the weather is improving. If this sounds like you, you should be aware that certain energy efficient updates to your home could qualify you for home energy credits. What you need to know You can […]
Read more...Changes to Form W-2 Reporting
If you’re a business owner, you should be aware that the SECURE 2.0 Act has changed how some amounts are reported on Form W-2. The provisions potentially affecting Forms W-2 (including Forms W-2AS, W-2GU and W-2VI) are: De minimis financial incentives, Roth Savings Incentive Match Plan for Employees (SIMPLE) and Roth Simplified Employee Pension (SEP) […]
Read more...You Missed the Tax Deadline. Now What?
If you missed the April tax filing and payment deadline, you should file as soon as you can. If you missed the deadline to file and owe taxes, you need to file quickly to minimize penalties and interest. And keep in mind that payments were still due by the April 15 deadline, even if you […]
Read more...Earned Income Tax Credit Eligibility
The Earned Income Tax Credit (EITC) is the federal government’s largest refundable tax credit for low to moderate income workers. Almost a third of those who qualify for the EITC became eligible for the first time this year due to changes in their marital, parental or financial status and may not realize they’re eligible. If […]
Read more...Reporting Digital Assets, Gig Economy, and Other Income
Most people who are traditional employees or contractors have their income reported to the IRS on a Form W-2 or a Form 1099-NEC. But you are required to report all sources of income on your tax return, even those that aren’t independently reported to the IRS. Today we are going to take a look at […]
Read more...Know the Facts About Form 1099-K
Will people will get a Form 1099-K from friends and family sending them personal payments? Payments from friends and family should generally not be reported on a Form 1099-K. Form 1099-K reports payments for goods or services and should not report personal payments like rent, dinner, travel and other gifts or reimbursements gifts, no matter […]
Read more...Getting Ready to File Your Tax Return
We are in the midst of tax season, and although many people have already had their tax return prepared and filed, many more haven’t started this process yet. If you still need to prepare your 2023 tax return, here are some things you should know. The Essentials The deadline this tax season for filing your […]
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