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Best Ways to Reduce Taxes on Investment

Best Ways to Reduce Taxes on Investment

The process of growing your financial asset is known as investment. This can happen in various ways, like investing in an asset that will give a cash flow, rising prices, or both....

Posted by CORE PERFORMANCE on 03/31/2021

Irvine CA Tax Pro for Investments Tax Preparer for Reducing Taxes on Investments Cash Flow Capital gains Day Trading Tax Sheltered Account Portfolio 401(k) 403(b) Real Estate Investments Property Value HSA Employer Match 457 IRA Account
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Is Life Insurance Taxable?

Is Life Insurance Taxable?

One of the main advantages of life insurance is that payment to beneficiaries is free. Because life insurance benefits in the event of death can run into the millions of dollars, it's...

Posted by Jim McClaflin, EA, NTPI Fellow on 03/29/2021

Grimes IA Tax Pro for Life Insurance Tax Preparer for Life Insurance Beneficiaries Cash Value Policy Policy Basis MEC Surrender Policyholders IRS Code 101(g)(2) Death Benefit Taxable Asset
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Finalized Simplified Tax Accounting Rules for Small Businesses

Finalized Simplified Tax Accounting Rules for Small Businesses

The Treasury Department and IRS have issued final regulations to implement the changes made by the TCJA to tax accounting rules for small businesses. These regulations generally adopt...

Posted by Aurelia E Weems CPA on 03/19/2021

Conroe TX Tax Pro for Tax Accounting Rules Tax Preparer for Simplified Accounting Rules for Small Businesses Simplified Tax Accounting Rules IRS TCJA Cash Method Gross Income C Corp Union Syndicate Abnormal Loss Section 1.448-2(b)(2)(iii)(B)
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Tax Tips for Your Cannabis Business

Tax Tips for Your Cannabis Business

A cannabis business can typically expect a series of scrutiny from the IRS that will want to penalize them if they are not compliant. Here are tips that can help your marijuana business...

Posted by Pat Raskob on 03/18/2021

Tucson AZ Tax Pro for Cannabis Business Tax Preparer for Cannabis Business Cash Accrual COGS Cannabis Marijuana Federal government Write-Offs Tax Code 280E Schedule 1 Drug
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What You Should Know About Form 1099-K

What You Should Know About Form 1099-K

Merchants who sell online and/or in physical stores may receive an extract from the payment processor called Form 1099-K, Third Party Network, and Payment Card Transactions. There...

Posted by International Tax Consultants, LLC on 03/09/2021

Miramar FL Tax Pro for Form 1099-K tax Preparer for Online Merchants Find a Tax Accountant for Payment Card Transactions Form 1099-K PayPal Venmo CashApp
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FICA Tip Credit Helps Businesses That Pay Taxes on Employee Tips

FICA Tip Credit Helps Businesses That Pay Taxes on Employee Tips

Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...

Posted by Elliot Kravitz, ATP on 03/05/2021

Cincinnati OH Tax Pro for Tips Tax Preparer for Employee Tips FICA Medicare Employer Credit Cash
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Taxes On Lottery, Prize Winnings & More

Taxes On Lottery, Prize Winnings & More

Have you ever found money in a jacket or pants that you haven't worn in a while? Isn't that awesome? The amount of money you don't know you have can help you with a future...

Posted by The TaxAdvocate Group, LLC on 03/05/2021

Middle Village NY Tax Pro for Lottery Tax Preparer for Prize Winnings Lottery Prize Form 1099-MISC Box 1 W-2G Sweepstakes Raffle Cash
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Alimony Payments

Alimony Payments

What is alimony payment? This is a payment between current spouses or ex-spouses due to an ongoing separation in a marriage or divorce. Alimony (sometimes called support) payments...

Posted by Dennis Jao on 03/05/2021

Brea CA Tax Pro for Alimony Payments Tax Preparer for Alimony Alimony Payments Marriage Divorce Support Beneficiary TCJA Payee ITIN Payer SSN IRA Cash
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Constructive Receipt Substantial Limitation

Constructive Receipt Substantial Limitation

Constructive receipt for income refers to the first time the monies are available to the taxpayer. The assessment of taxes are based on the constructive receipt date regardless of...

Posted by Aurelia E Weems CPA on 03/01/2021

Conroe TX Tax Pro for Constructive Receipt Tax Preparer for Constructive Receipt Substantial Limitation Plausibility Cash Centered Accounting Taxable Income
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