Year-End Tax Planning for Individuals With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2019. General Tax planning Strategies General tax planning strategies for individuals include postponing income and accelerating deductions, and careful consideration…
Year-End Tax Planning Strategies for Businesses A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2020 by delaying end-of-year invoices, so payment is not…
Seasonal Workers and the Healthcare Law Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with…
Tax Treatment of Virtual Currency Transactions If you’ve invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here’s what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable…