Category: Featured

Women business owners has certainly made a strong impact in the economic growth and employment opportunities worldwide. According to the National Association of Women Business Owners (NAWBO), more than 11.6 million firms in the United States are owned by women, employing nearly 9 million people, and generating $1.7 trillion in sales as of 2017. Their… Continue reading Women in Business

If your business or profession,(locum tenens) requires you to travel away from your tax home for more than an ordinary day’s work that you will need to sleep or rest there, then you may be able to deduct ordinary and necessary expenses relative to your travels away from your tax home. But what is this… Continue reading Your Tax Home: It’s Important

There is a legal way to pay Zero 0% income tax for 2023. How? You may legally pay Zero 0% income tax if you remain in the 0% capital gains bracket. What are capital gains or losses? Capital gains are the increase in the value of a sold asset. The realized difference is the price… Continue reading Pay 0%-ZERO Income Tax? Really? 2023, 2024 and 2025!

What is the 1099-NEC? The 1099-NEC is the informational and new way to report Non- Employee Compensation.  The Internal Revenue Service (IRS) reintroduced and began using it again in 2020.  It replaces the 1099-MISC for self- employment income.  If you are self- employed,  you can expect to receive one of these forms postmarked by January… Continue reading 1099 Series: 1099-NEC, Non-Employee Compensation

Just recently, in its IR-2022-226 dated December 23, 2022, the IRS announced the delay in the implementation of the $600 reporting threshold for third party payment platforms’ Form 1099 K.  This means that Payment Settlement Entities (PSEs) will not be required to report tax year 2022 transactions on a Form 1099 K for the lower… Continue reading IRS LAST MINUTE CHANGE FOR 1099 K

These days, debit cards and credit cards like Visa, Mastercard, Discover and American Express are commonly  used for all types of transactions.  And for sure, you have one of these payment apps installed on your phone – Venmo, Paypal, Stripe, Shopify, and Cash App.  If you are an independent contractor, freelancer, gig worker, side hustler… Continue reading 1099-K

What is Form 1099-MISC? Form 1099-MISC, Miscellaneous Information, is an information return that businesses use to report miscellaneous taxable payments to many kinds of payees. It is a general-purpose IRS form used to report payments made during the year, including royalties, awards, rents, medical and health care payments, and payments made to attorneys. Who Should… Continue reading 1099 Series: 1099-MISC, Miscellaneous Information