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Tip Income: Is it Taxable?
The short answer is that yes, tips are taxable. If you work at a hair salon, barber shop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee...
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Filing an Amended Return
What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you...
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Five Tax Deductions that Disappeared in 2018
Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. 1. Moving Expenses Prior to tax...
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The Home Office Deduction: What’s New
Self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home and can...
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Small Business Financing: Securing a Loan
At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference...
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Tax: Safeguarding Financial Records
How to safeguard your tax documents against Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it’s always a good idea to...
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Retirement Saving Tips
Though it’s never too late to start saving for Retirement, the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains–that’s the power of...
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Avoid Delays: Renew ITINs Expiring in 2018 Now
Under the Protecting Americans from Tax Hikes (PATH) Act, Individual Taxpayer Identification Numbers (ITINs) that have not been used on a federal tax return at least once in the last three consecutive...
View ArticleAvoiding an Unexpected Tax Bill
Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it’s even more so since a number of tax provisions have changed. As such, it’s important to...
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Tracking Business Mileage Apps
Mileage Tracking Every business owner, no matter how small, must keep good records. But whether it’s tracking of mileage, documenting expenses, or separating personal from business use, keeping up with...
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