Posts by Yuriy Akopyan
Managing Your Finances During an Inflationary Period
It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking for ways to counter the impact and preserve financial stability can start with these solutions. They’re accessible options that can make a…
Read MoreIf You Have a Side Hustle, Be Advised: The IRS is Cracking Down
Article Highlights: Form 1099-K Reporting Threshold Marketplaces Payment Processors (credit and debit cards) Online Service Providers Airbnb and VRBO Delivery and Other Personal Services Business Expenses Record Keeping For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs) to…
Read MoreHobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes
Article Highlights: Hobby Versus For-Profit Endeavor Factors Used to Determine For-Profit Three out of Five Rule Hobby Deductions Sales from Collections If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from this…
Read MoreTwists and Turns of the Education Tax Credits
Article Highlights: American Opportunity Tax Credit Lifetime Learning Credit Refundable Credit Which Credit to Take Post-secondary Education 3-month Rule Maximizing the Credit Qualified Expenses Who Claims the Credit Qualified Educational Institutions Gift Tax Issues If you have a child or children in college, or perhaps you or your spouse is a student, it can be…
Read MoreThe 2021 tax filing season has begun. Tax Forms for 2021 Return.
The federal tax filing season has begun. And it’s going to be tough sledding for the IRS — and for some tax filers — given the millions of returns from last year that still have to be processed, staffing issues due to Covid-19 and a lack of needed funding for the agency. Despite that, there are still…
Read MoreOctober 2021 Individual AND Business Tax Due Dates
October 2021 Individual Due Dates October 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 12. Your employer is required to withhold FICA…
Read MoreOctober Extended Due Date Just Around the Corner
Article Highlights: October 15 is the extended due date for filing federal individual tax returns for 2020. Late-filing penalty Interest on tax due Other October 15 deadlines The normal April 15, 2021 filing deadline for 2020 individual tax returns was extended by the IRS to May 17, 2021 due to the continuing Covid-19 pandemic. If…
Read MoreThe Importance of a Well-Oiled Accounting Function
Though it’s natural for management to focus on its profit-making areas, the importance of a sound accounting foundation to support the operation cannot be overemphasized. The more diligent and meticulous your accounting team is, the more easily the rest of the organization can function and grow. If the system you currently have in place is…
Read MoreThe Treasury Green Book of Biden Proposed Tax Changes
Article Highlights Long-Term Capital Gains Rates Top Individual Tax Rate Pass-Through Income Subject to 3.8% NIIT or SECA Tax Limit Nonrecognition of Like-Kind Exchanges Transfer of Appreciated Property by Gift or Death Family-Owned and -Operated Businesses 15-Year Fixed-Rate Payment Plan Excess Business Loss Limitation Carried Interest Enhanced Financial Account Reporting The U.S. Treasury has released…
Read MoreShould You Charge Late Fees? QuickBooks Can Help
Do you have a lot of aging receivables? Assessing finance charges can speed up customer payments. Have your customers been submitting payments later than usual these last several months? It wouldn’t be surprising. Many businesses are struggling to pay bills these days. Still, you need to get paid – and on time. Tardy receivables have…
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