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Consequences of Filing Married Separately

Couples who are married on the last day of the tax year basically have two filing status options when filing their tax returns: either married filing jointly (MFJ) or married filing separately (MFS) returns. Generally, filing MFJ will produce…
Small Business Owner

Here’s What Happened in the World of Small Business in April 2021

Here are five things that happened this past month that affect your small business. 1) President Biden announced tax credits for COVID-19 vaccination paid time off. The President announced on April 21st “tax credits for certain businesses…
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Running a Trading Business – and What it Means for Your Taxes

The average American taxpayer is not aware that people who officially qualify as running a trading business receive special tax treatment. Their income comes from the profit they make by trading options, equities and other asset classes, and…
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How Employee Stock Options Are Taxed

Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of shares of the company’s stock at…
US Currency

Writing Off Your Business Start-Up Expenses

Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. Fortunately, with the help of vaccines, new businesses will be opening as the economy returns to near normal.  New business owners, especially those…
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You Can Expense Business IT Purchases

Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such assets purchased…

Tips for Creating an Employee Stock Option Plan

Creating an employee stock option plan is an important step in your business’ growth and a sign of its success. Though doing so is not particularly complicated, that doesn’t mean that the process should be pursued without ensuring all of…

Working from Home? Is there a Tax Deduction?

Many individuals, because of the COVID pandemic, have been forced to work from home in order to curtail the spread of the virus. A frequent question is do they qualify for a special tax deduction for using their home as a workplace? The tax…

7 Personal Finance Tips for Freelancers and Gig Workers

Freelance work and the gig economy have taken the nation by storm. A study commissioned by the Freelancers Union and freelance platform Upwork revealed that the gig economy’s work force reached an eye-popping 57 million Americans in 2019,…