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Reporting of $600 Third-party Payments Delayed
Due to concerns regarding the implementation timeline, reporting thresholds for third-party settlement organizations that were set to take effect on January 1, 2023, has been delayed. As such, third-party settlement organizations will not be required to report the tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower […]
Advertising and Marketing Costs May Be Tax Deductible
As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Here’s what you need to know about this valuable tax deduction: Deduction Not Allowed for Lobbying […]
Eligible Families Can Claim Tax Benefits Until Nov. 17th.
Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to qualify for a variety of key tax benefits – but did not claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all […]
Deducting Casualty Losses on a Tax Return
Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause widespread flooding. Many homeowners are not covered for damage due to flooding because most standard […]
