Author: Admin

Tax Credit Opportunities 2023 As we approach the 2023 tax year, I wanted to bring your attention to some key tax credits that may be applicable to your situation. Understanding and leveraging these credits can significantly impact your tax liability. Here are a few noteworthy tax credits for consideration: Remember, tax laws are subject to…

What Is a W-4 Form? How to Fill Out an Employee’s Withholding Certificate in 2024 How to fill out a 2024 W-4 form Employers use the W-4 to calculate certain payroll taxes and remit the taxes to the IRS and state and local authorities (if applicable) on behalf of employees. How you fill out a…

How Is AI used in business AI is a game-changer for businesses, offering a range of applications to enhance efficiency, decision-making, and customer experiences. Here are some ways AI is commonly used in business: These applications highlight the versatility and impact of AI across various business functions. As technology advances, businesses continue to explore new…

2023 Dirty Dozen List from IRS The Internal Revenue Service wrapped up the annual Dirty Dozen list of tax scams for 2023 with a reminder for taxpayers, businesses and tax professionals to watch out for these schemes throughout the year, not just during tax season. Many of these schemes peak during filing season as people prepare their…

Hobby IncomeIf you have income from sources other than your main job, how do you know whether it’s income from a business or hobby? The distinction between the two makes a big difference in your taxes. Look at the following nine factors when making the determination. Do you: 1. Operate in a businesslike manner? Do…

Single-member LLCs Editor: Shaun M. Hunley, J.D., LL.M. June 1, 2023 All states permit single-member (one-owner) limited liability companies (SMLLCs). A domestic SMLLC, by default, is a disregarded entity for federal income tax purposes. In that case, an SMLLC owned by an individual is treated as a sole proprietorship (or owner of rental property), while…

Digital Assets vs Cryptocurrency Cryptocurrency and digital assets are often used interchangeably, but they can refer to slightly different things. Cryptocurrency is a type of digital asset that uses cryptography for secure financial transactions. Cryptocurrencies are decentralized and operate on a distributed ledger technology called a blockchain. Bitcoin and Ethereum are examples of well-known cryptocurrencies.…

Independent Contractor or Employee See the IRS Document Below:

EV Tax Credits in 2023 or After Credits for new clean vehicles purchased in 2023 or after If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. At the time of sale, a seller must give you…

President Biden closed out 2022 by signing a legislative package into law that included the Securing a Strong Retirement Act of 2022—or as it is more commonly known: SECURE 2.0. Supporters of the bipartisan legislation say it will increase access to 401(k) and individual retirement plans, especially among low- to middle-income workers. It is also…