by Steve Perry | Aug 30, 2020 | Small Business Accounting, Tax Planning, Tax Preparation
Businesses can deduct most of the costs of doing business even if it shows a loss on the tax return. If a taxpayer has a hobby that generates income, direct expenses can also be deducted. This is where the similarity ends. A hobby cannot lose more than gross...
by Steve Perry | Aug 21, 2020 | Tax Planning, Tax Preparation
There are over 900,000 tax preparers in the United States. These preparers include Certified Public Accountants (CPA), Enrolled Agents (EA), and unlicensed PTIN holders. The only thing all those who get paid to prepare tax returns have in common is that...
by Steve Perry | Aug 14, 2020 | CARES Act, Tax Planning, Tax Preparation
One of the most talked about of the four documents describes the deferral of payroll taxes otherwise known as the employment tax. This tax is imposed under the Federal Insurance Contributions Act (FICA). This tax has two components. The 6.2% Social...