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Tax Treatment of Legal Settlements and Judgements for Individuals

If you're involved in a lawsuit or a court case (except as a juror), you may want to get up to speed on how court settlements and judgements are taxed. Settlements and judgements are taxed the same-if you win a...

1099-NEC: A New Way to Report Non-Employee Compensation

In July 2019, the IRS released a draft of form 1099-NEC, which is designed to report non-employee compensation. While this may seem like a new form to many, it's actually a revival of a form used until the early...

The New "Other Dependent" Credit

Under the 2018 Tax Cuts and Jobs Act guidelines, a taxpayer may be able to claim a $500 credit for household dependents that don't meet the definition of a qualifying child or qualifying relative. Provided that the...

Depreciation Under the New Tax Law

When a business acquires an asset that will last longer than a year, the cost of the asset must be expensed over time to match the asset's life instead of being deducted all at once. This treatment increases taxes in...

Get Started Now on Year End Tasks

Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores. Here are a couple of tips to make year-end go smoother. Cleaning up ...

How to Read Your Income Statement

The income statement of any business is probably the most important report of all. It is a snapshot of the financial performance of your business over a period of time, such as a month or year. You might also hear...

Virtual Currency Owners May Owe Back Taxes

The IRS has announced that it has begun sending letters to taxpayers that may have failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. ...

What is Reasonable Compensation?

For small businesses formed as an S Corporation and with plenty of profits, reasonable compensation is a term you may want to be familiar with. Many small businesses have organized as an S Corporation form of...

5 Ways to Streamline Your Payroll Process

For business owners with employees, payroll is a necessary task that can slow your day and tie you down if you let it.If you're looking for a way to make payroll less time-consuming, here are five ideas you can put...

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