by Steve Perry | Aug 30, 2020 | Small Business Acounting, Tax Planning, Tax Preparation
Businesses can deduct most of the costs of doing business even if it shows a loss on the tax return. If a taxpayer has a hobby that generates income, direct expenses can also be deducted. This is where the similarity ends. A hobby cannot lose more than gross...
by Steve Perry | Aug 21, 2020 | Tax Planning, Tax Preparation
There are over 900,000 tax preparers in the United States. These preparers include Certified Public Accountants (CPA), Enrolled Agents (EA), and unlicensed PTIN holders. The only thing all those who get paid to prepare tax returns have in common is that...
by Steve Perry | Aug 14, 2020 | CARES Act, Tax Planning, Tax Preparation
One of the most talked about of the four documents describes the deferral of payroll taxes otherwise known as the employment tax. This tax is imposed under the Federal Insurance Contributions Act (FICA). This tax has two components. The 6.2% Social...
by Steve Perry | Jul 31, 2020 | CARES Act, Representation, Tax Planning, Tax Preparation
After several months of the IRS being closed for all except the most mission critical functions, the service is open again, at least in part. Many taxpayers have received computer generated letters mailed after the due date. Others who have tax problems,...
by Steve Perry | May 8, 2020 | CARES Act, Tax Planning, Tax Preparation
The Federal Government has taken many steps to help businesses weakened by the COVID-19 pandemic. Some of their efforts are well known because stories about government loans and grants are easier to report and more interesting than the harder to understand...
by Steve Perry | May 1, 2020 | CARES Act, Small Business Acounting, Tax Planning, Tax Preparation
During this time, businesses are doing everything they can to stay solvent. The Federal Government is helping with Payroll Protection Program(PPP) and Emergency Injury Disaster Loans (EIDL). Of course, with any government program there are hidden...
by Steve Perry | Mar 31, 2020 | CARES Act, Representation, Tax Planning
This past weekend, President Trump signed the largest expenditure bill in history. HR 748, “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) has all sorts of benefits. Setting the politics aside, let’s look at just a few of the...
by Steve Perry | Jan 23, 2020 | Small Business Acounting, Tax Preparation
While many are not familiar with the term gig economy, most are familiar with some of its components. These include ride sharing such as Uber or Lyft, and Airbnb. In fact, according to the Federal Reserve, a full third of Americans are involved...
by Steve Perry | Jan 21, 2020 | Tax Preparation
As we start the tax season, let’s look at what is on the table. This is not an all-encompassing list and is a general discussion. Each individual situation should be discussed with a tax expert. Most individual taxpayers, especially those who have W2...
by Steve Perry | Jan 17, 2020 | Tax Preparation
One of the oldest deductions in the US tax code is the charitable contribution. It has been modified over time and like many deductions it has been abused. The Internal Revenue Code provides specific requirements for recordkeeping and proof of the value of...
