If you had a side gig in 2022 – like driving for Uber, delivering for GrubHub, or selling your handmade goods on Etsy - you might receive a Form 1099-K in January 2023 for the first time. This form reports…
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Available to owners…
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If you’ve decided to close your business, we’re here to assist…
Who You Gonna Call? Mize(busters)! ‘Tis the season for ghouls, goblins, and spooks! But not all scary situations involve a ghostly presence. If you find yourself in one of these frightening circumstances, give us a call: You’ve Got Mail –…
You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications for these expenses. First, what is “local transportation?” It refers to travel in which you aren’t away from…
The Affordable Care Act (ACA) requires certain employers to report health insurance coverage provided to their employees. This reporting is for informational purposes only and does not mean that the employee will be taxed on the value of employer-provided insurance.…
Why do so many businesses choose a Limited Liability Corporation (LLC) as their entity structure? An LLC can provide the advantages of a corporation while being taxed as a flow through entity, all while providing personal liability protection for its…
Even though pretty much every business has a website, the costs of developing and managing a website aren’t specifically addressed in the tax code. But since those costs are business expenses, we can use those rules to determine what’s deductible.…
Have you thought about claiming the research tax credit for your small business? If you earn any research tax credits during the year, you can elect to apply them against your payroll taxes rather than your income tax. This tax…
It’s hard to keep track of all the 1099 series of forms. From 1099-MISC, which reports “miscellaneous” payments (as you might guess from the name); to 1099-NEC, which reports non-employee compensation (again, the name gives a hint!); now to 1099-K,…