Closing a business is often a difficult and complicated choice to make. Usually the decision to close has little to do with the financial performance, and more to do with a change in ownership or…

Business owners don’t always do tax research about the various expenses they make.  Many assume that all expenses related to their business are deductible on their tax returns.  In many cases, this is true, but…

Where’s My Tax Return? Common items that are often forgotten Wondering why your tax return is not finished? Often the delay can come from one or two items that were overlooked and are needed to…

“At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?” When you go to file your Form 1040 this year, you’ll notice this new…

Understanding Your Special K’s The IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns (including those reported on 1040 Schedule C tax returns). Knowing how this impacts…

Mileage rates for travel are now set for 2020. The standard business mileage rate decreases by 0.5 cents to 57.5 cents per mile. The medical and moving mileage rates also decreases by 3 cents to…

Significant Changes To Retirement Legislation On December 20, 2019, President Donald J. Trump signed into law H.R. 1865, the “Further Consolidated Appropriations Act of 2020”. This legislation primarily authorized appropriations to fund the operation of…

If you don’t receive a W-2 or 1099, is this a defense to protect yourself from not reporting the income during an audit? In short, the answer is no. You are required to report your…