Proposed Child Tax Credit Expansion
The Tax Relief for American Families and Workers Act of 2024 has passed the House and is currently before the Senate. It contains a proposed expansion…
Do you have to file a 2023 tax return?
Whether or not you’re required to file a tax return is based on several factors. Those factors for most people are age, filing status, and gross…
Top 5 Freelancer Tax Deductions
Nothing is more gratifying from a work perspective than deciding to freelance. You’ve given yourself the freedom to choose who you work with and what work…
Art Donation Deduction Schemes on IRS Radar
In early September, the IRS made it clear that the Inflation Reduction Act funding would allow the agency to look closer at high-income earners and complicated…
How to File Taxes Late
Time is running short for the extended tax deadline. I know how it is – the deadline approaches, and it passes. You don’t file a federal…
Understanding “Material Participation”
Navigating the intricacies of income tax returns can be daunting, especially for those unfamiliar with the terminology and concepts involved. One such concept that frequently arises…
Self-employed Guide: How to Prepare an Accurate Schedule C
When you’re a self-employed, freelancer, or solo entrepreneur, correctly filing your income tax return might save money by preventing unnecessary penalties and missed deductions. Whether you…
How to Choose the Best Accounting Method: Cash vs. Accrual
When setting up bookkeeping for your business, two main methods are used to determine when you record income and expenses: cash accounting and accrual accounting. Although…