Yearly Archives: 2019


Crowdfunding Can Have Unexpected Consequences

Article Highlights: Crowdfunding SitesGiftsCharitable GiftsBusiness VenturesSEC Registration Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised [...]

By |2019-10-17T21:51:45+00:00October 17th, 2019|Categories: Uncategorized|0 Comments

6 Simple Personal Finance Tips That Lead to a Big Payoff

Let's face it: A lot of personal finance advice seems to be incredibly repetitive and common sense — like paying off your debt ASAP and watching your discretionary spending when money is tight. Much money-saving advice also tends to be geared toward people who already have money and those more concerned about avoiding the taxman than bill [...]

By |2019-10-16T15:21:29+00:00October 16th, 2019|Categories: Uncategorized|0 Comments

Child Daycare and Taxes

Article Highlights: Daycare Providers Simplified Food DeductionSpecial Rules for Business Use of the Provider’s HomeHome Sale Consequences Other ExpensesOther Daycare Provider IssuesDaycare User CreditEmployer Dependent Care Benefits Other Credit Criteria When discussing daycare for children so their parents can work, there are two primary areas of discussion: one from the viewpoint of the individual providing [...]

By |2019-10-10T16:12:20+00:00October 10th, 2019|Categories: Uncategorized|0 Comments

Are You Subject to Self-Employment Tax?

Article Highlights: Self-employed IndividualsEstimated TaxesSelf-Employment Tax Estimated Tax Safe Harbors1099-MISC and 1099-KOthers Subject to Self-employment Taxincome Not Subject to Self-employment Tax Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during the year. They are [...]

By |2019-10-04T21:35:11+00:00October 5th, 2019|Categories: Uncategorized|0 Comments

Earned Income Tax Credit: Used, Abused and Altered

Article Highlights: Purpose of the Earned Income Tax CreditQualifications Earned IncomeQualified ChildCredit Phaseout Computing the CreditInvestment Income LimitCombat Pay ElectionFraudSafeguards Any discussion of the earned income tax credit (EITC) needs to begin with a discussion of why Congress created it in the first place. It has a twofold purpose: first, as an incentive for people [...]

By |2019-10-03T18:15:04+00:00October 3rd, 2019|Categories: Uncategorized|0 Comments

Tax Issues Related to Hobbies

Article Highlights: Hobby LossesNot-for-Profit RulesDetermining Factors Trade or Business PresumptionHobby Tax ReportingSelf-Employment Tax Generally, when individuals have a hobby, they have it because they enjoy it and are not involved in their hobby with the goal of making money. In fact, most hobbies never make money or don’t even create any income, for that matter. [...]

By |2019-10-02T17:02:56+00:00October 2nd, 2019|Categories: Uncategorized|0 Comments

Smart Money Moves to Make Once You Turn 50

Congratulations, you made it to half a century! Your fifties can be a tumultuous time: Not having to work anymore sounds like a dream, but you might be concerned you don't have enough saved for retirement. Those concerns definitely aren't unfounded as 40 million households in America have no retirement savings at all. Additionally, the Federal [...]

By |2019-10-01T18:03:13+00:00October 1st, 2019|Categories: Uncategorized|0 Comments

Employee Stock Options Can Be Taxing

Article Highlights: Employee Stock OptionsStock Option Terminology Incentive Stock OptionsNon-qualified Stock OptionsTax Strategies If you are an employee of a corporation, as an incentive to continue employment, the company may offer you the option to purchase shares of the corporation at a fixed price at some future date so that you can benefit from your [...]

By |2019-09-27T21:27:21+00:00September 28th, 2019|Categories: Uncategorized|0 Comments

How Business Owners Should Conceptualize Their Financial Results

Entrepreneurs don't necessarily need to be numbers people in order to succeed: You need drive, passion, the ability and will to follow things through, and the hustler's spirit that enables you to constantly try that new thing or relentlessly chase that next big opportunity. But whether you're a serial entrepreneur or simply looking to grow [...]

By |2019-09-25T15:42:43+00:00September 27th, 2019|Categories: Uncategorized|0 Comments

Who Claims the Children You or Your Ex-Spouse?

Article Highlights: Custodial ParentDependency ReleaseJoint CustodyTiebreaker RulesChild’s ExemptionHead of Household Filing StatusTuition CreditChild Care CreditChild Tax CreditEarned Income Tax Credit If you are a divorced or separated parent with children, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between [...]

By |2019-09-24T22:56:14+00:00September 25th, 2019|Categories: Uncategorized|0 Comments