The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
The standard mileage rate, also known as daily mileage or deductible mileage, is a rate set by the Internal Revenue Service (IRS) per mile maintained by a taxpayer for business purposes...
The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020
Thanks to the Internal Revenue Service's (IRS) cost-of-living adjustment, you can save more money on retirement plans and health savings accounts (HSAs) by 2020. This year, good...
One of the things every first time business owners need to know is filing tax. As long as they pay employees, quarterly filing of taxes is essential. This is where Form 941 comes in....
For people in the real estate business with agents that you give commissions after every sale or lease, you must report such payment on a 1099 MISC form. Your obligation as an employer...
As humans, mistakes are inevitable. Although, when you arm yourself with some information, you can avoid mistakes. When you have an error on your tax, it might not trigger a full audit....
Amid all the cautionary advice to prevent students from borrowing too much money to pay for their university education, one bit of good news may go unnoticed: interest paid on student...
The number of people that employ themselves is rising. This includes freelancers, gig workers, small business owners, and startup finders. It is not surprising that this sector is...
Posted by Elliot Kravitz, ATP on 07/16/2020