In 2021 Congress lowed the minimum reporting threshold for TPOs to any amount over $600. This change had many TPO users nervous... The change was set to go into effect for 2022, meaning that reporting would be required on upcoming tax returns. However, on December 23, 2022, the IRS issued Notice 2023-10, delaying the reporting requirement by one year.
Have you heard of the home office deduction? The TCJA changed eligibility, but this common deduction can still be very useful for business owners.
Tax law changes have many individuals asking “what’s the benefit of W-2 over 1099?” It’s important to remember that these two employment classifications come with differences that are more significant than just income and write-offs.
Do you drive for a rideshare service? Did you know that makes you an independent contractor and you are eligible to take advantage of multiple, beneficial deductions?
Estimated payments are a useful tool to limit tax liability at filing and avoid additional and costly penalties. Do you think you may need to make estimated payments?