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Retirement is something almost all of us look forward to. But have you considered how your retirement income will be taxed? Not all retirement income is taxed the same, so it is important that you understand the details. SOCIAL SECURITY If your total income is more than $25,000 for an individual or $32,000 for a … Read more

Hiring employees is fundamental to business. Whether looking to hire your first employee or expand your team, be sure to understand the total cost of hiring help. RECRUITMENT Employee recruitment can start with anything from the help wanted ad you place on job search boards to hiring a recruiter to handle the legwork. While the … Read more

The Families First Coronavirus Response Act (FFCRA) was enacted in March of 2020. It was one of the now many acts passed by Congress in an effort to ameliorate the effects of Coronavirus on the economy and individual people. The FFCRA created a tax credit for employers to incentivize businesses to continue to pay employees … Read more

Many businesses may have incurred a loss in 2020 due to the pandemic-induced economic slowdown. When expenses exceed revenue, a loss is generated. How these losses affect your business tax return depends on many factors. CARRYBACK OR CARRYFORWARD Under the CARES Act, businesses that incurred a loss for 2020 can carryback that loss five years. … Read more

Everyone has hobbies and sometimes those hobbies provide some income. But when does your hobby become a business? Getting the right classification determines how this income is taxed. PROFIT BASED Generally, if you engage in your hobby with the intent to generate profit, then it’s a business, not a hobby. And if your hobby is … Read more

Being a recent college graduate allows me to relate to other college aged students. Being a young adult at 22 years old, I have had many friends my age come up to me and ask tax related questions such as “Do I have to file my own tax return?” and “Can my parents still claim … Read more

Your house can provide you with more than just shelter. It can provide you with some significant tax breaks if you itemize deductions. Learn more about the most common tax deductions your home can deliver. MORTGAGE INTEREST To be deductible, mortgage interest can be for your first and second home. However, only interest on $750,000 … Read more

Estate planning is the process that allows you to designate what happens to your assets when you become incapacitated or die. Using a checklist can help you get started. 1. TAKE INVENTORY Make a complete list of all your assets. While you’ll want to include the obvious ones like your home and bank accounts, don’t … Read more

Question: I worked as a ride share driver for the first time in 2020. What will I have to pay tax on? Answer: Ride share drivers have to pay tax on the total income they receive from the ride share service, less all applicable deductions. You’ll be able to deduct your ride share mileage at … Read more

MORE DEDUCTIONS According to the IRS, nearly 88% of taxpayers claimed the standard deduction in 2018. This is up from 68% in 2017. The increase is likely attributed to the increase in the standard deduction in 2018, thanks to the Tax Cuts and Jobs Act, which increased the standard deduction from $6,350 in 2017 to … Read more