by angieduran | Aug 5, 2020 | Uncategorized
Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do’s and don’ts if you receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue...
by angieduran | Aug 3, 2020 | Uncategorized
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this? The answer lies in the...
by angieduran | Jul 27, 2020 | Uncategorized
School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. Who is considered an eligible educator: You must be a kindergarten through grade 12 teacher,...
by angieduran | Jul 24, 2020 | Uncategorized
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at...
by angieduran | Jul 21, 2020 | Uncategorized
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you...
by angieduran | Jul 15, 2020 | Uncategorized
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020,...
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