Homeowner Records: What to Keep and How Long
Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These…
Retirement Plan Options for Small Businesses
According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers…
Small Employer Health Reimbursement Arrangements
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses…
Key Tax Provisions of the Inflation Reduction Act of 2022
The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let’s take a look: Businesses Sec. 461(l)…
New Job? Don’t Forget About Your 401(K)
One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands…
Understanding Your Rights as a Taxpayer
By law, all taxpayers have fundamental rights when interacting with the IRS, and all taxpayers should know and understand their rights. Ten categories of rights are presented in the Taxpayer…
Got Cash? What To Do With a Windfall
A cash windfall is any amount of money that you didn’t expect to receive and is over your regular income. Most would consider it to be any amount over $1,000…
Tax Breaks for Teachers and Educators
It’s almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses. Deducting expenses such as…
The Difference Between a Hobby and a Business
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention…
Dirty Dozen Tax Scams for 2022
Dirty Dozen Tax Scams for 2022 The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number…