Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...
One of the most stressful events in life is experiencing financial difficulty. Whether personally or in your business, it can take its toll on one's well being. It might become...
Barter transaction happens when a business and another one exchange services with one another. While there are no funds exchanged with barter transactions, Uncle Sam believes you need...
Involuntary conversion is the theft or damage of property without the owner's consent, such as partial or total destruction, theft, condemnation, or the sale or exchange of property...
Posted by Flynn Financial Group Inc on 02/16/2021
One of the things business owners like hearing when it comes to taxes is "tax credit," as it signifies something good. Even though some business owners might confuse tax...
On January 5, 2021, the Treasury and IRS released a second set of final business interest expense deduction regulations (the 2021 Final Regulations) that provide additional rules to...
According to Uncle Sam, miscellaneous expenses are write-offs that cannot be classified into any tax category. Examples are work uniform, clothes, work, equipment, boots, alongside...
One of the most common mistakes businesses make is not having the right status for a worker. The options are employees or self-employed.An independent contractor (IC) carries out an...
Finding out your business's shape can seem like a chore, as there are many types of businesses to start. A good option is a limited liability company (LLC), which has some of the...