The new tax bill passed for 2018 and future tax years made a lot of changes that impacted virtually every taxpayer in the country. One of the most widely impactful changes comes from the government’s elimination of personal exemptions. Personal exemptions are the deductions that...
If you’re experienced with Excel or QuickBooks, you can probably handle the simple bookkeeping tasks for your small business, right? While that’s a thought that many small-business owners have, there’s a lot more that goes into bookkeeping than most people think. And, even if you...
Every business comes with expenses. Hence the popular saying, “You have to spend money to make money.” In an effort to stimulate the economy and encourage the growth of small businesses, the IRS allows companies to deduct the full cost of certain business expenses, and...
As we’ve discussed in previous blogs, miles driven for business purposes can be deducted on your tax return as a business expense. However, it’s important for you to be aware of what qualifies as business mileage and what does not. Here’s a brief look at...
If you’re selling your home, you should know that you may qualify to have any profits from the sale excluded on your tax return. This means that you wouldn’t have to pay income tax on all or a portion of the profits on your home’s...
Bitcoin and other cryptocurrencies have been around for several years, but they really gained a lot of steam in 2017, with more and more people buying in—and cashing out—than in previous years. But most of the people jumping onto the cryptocurrency train aren’t entirely sure...
No matter what type of business you run, odds are you use a vehicle to get some of that work done. Whether you drive a passenger vehicle every day to meet with clients and suppliers, or you have a tractor to help with farm work,...
For individuals who work as W2 employees and have adequate taxes withheld from their paychecks, paying taxes isn’t really something you need to think about until you file a return at the beginning of the year. But if you have any sources of income that...
While we firmly wish that this sort of post wasn’t necessary, unfortunately, it’s not uncommon for people to become victims of identity theft during or shortly after tax season. When filing your taxes, you use a lot of sensitive personal information, and if you’re not...
Charitable contributions are a part of many taxpayers’ returns. But while claiming a cash donation to a non-profit is relatively straightforward, donations of non-cash items can be a bit more complex. In fact, many individuals make donations of their used items and never claim this...
