Tax Tip for College Grads – Maximize Paychecks with Part-Year Withholding

Tax Tip for College Grads – Maximize Paychecks with Part-Year Withholding The standard federal tax withholding tables are based on the assumption that individuals will earn a full year’s income, potentially leading to higher tax withholding amounts. However, for college grads beginning employment mid-year, this assumption may not accurately reflect their Read more…

Nine factors commonly used to gauge whether it’s a business or a hobby

Nine factors commonly used to gauge whether it’s a business or a hobby   Businesses engaged in activities for-profit can deduct costs as incurred whereas activities considered “hobbies” are subject to limitations on deductibility. By strategically addressing these following factors (and possibly others), you can strengthen your position to account Read more…

Consolidated Appropriations Act, 2021 Clarifies Non-taxable and Deductible Tax Treatment for PPP Loan Forgiveness

Consolidated Appropriations Act, 2021 Clarifies Non-taxable and Deductible Tax Treatment for PPP Loan Forgiveness The recent legislation has clarified what many businesses have been waiting for: taxpayer-friendly clarification of the tax effects of PPP loan forgiveness. Section 276 of the Consolidated Appropriations Act (“Act”) states that no amount from PPP Read more…

IRS Cryptocurrency Crackdown

  IRS Cryptocurrency Crackdown Beginning with the 2019 filings, taxpayers are now obligated to report on their income tax returns whether they engaged in transactions involving virtual currencies, such as buying, selling, sending, exchanging, or acquiring any financial interest in cryptocurrency. This requirement applies to all forms of virtual currency, Read more…