Category: Featured

Do you wonder if you need to file an Internal Revenue Service (IRS) Form 1040? Here is an overview of what you need to know about this income tax return form.  What is IRS Form 1040?  The IRS Form 1040 is the standard form used by U.S. individuals to file their annual income tax returns… Continue reading IRS Form 1040, U.S. Individual Income Tax Return: An Overview 

With the Section 179 deduction, businesses are allowed to deduct the entire purchase price of qualifying properties in a single year instead of waiting several years to recover their cost through depreciation.   One of its most popular uses is for deducting business vehicles. But did you know that the Section 179 deduction has a special… Continue reading Section 179 Deduction for Vehicles 

Are you still contemplating on buying that equipment for your business? It may be good to know that there is the Section 179 deduction that can provide additional tax savings from qualified capital expenses. But before you get too excited, here’s what you need to know before you take advantage of this 100% deduction for… Continue reading Section 179 Deduction: A Beginner’s Guide 

Real estate investment may have inherent risks and require significant capital, but if done the right way, can have substantial rewards. Some even hailed it as their way to build wealth and beat market inflation.   There are several kinds of real estate investment, each holds different risks and potential returns. In this blog, we will… Continue reading Accounting for Real Estate: Developer or Landlord? 

With just a few months left before the tax filing deadline, the Internal Revenue Service (IRS) issued reminders and checklists to help taxpayers when preparing their 2023 tax returns.   Among those that stand out are the following reminders:   Report all types of income on the tax return.   The IRS reminds taxpayers to report income from… Continue reading IRS Reminders When Filing 2023 Tax Returns  

It is the time of the year again when you’ll probably see several types of Internal Revenue Service (IRS) forms filling your mailboxes. You might be familiar with some of the IRS forms but if you’ve ever wondered what the rest of them are and why you received them in the first place, then you’re… Continue reading Common IRS Forms Taxpayers Receive and their Meaning 

One of the ways the government supports small business owners is by granting them the freedom to choose how their income will be taxed. Small business corporations or limited liability companies (LLC) can do this by filing the Internal Revenue Service (IRS) Form 2553 to be treated and taxed as an S Corporation (S Corp).  … Continue reading Form 2553: Small Business Election to be an S Corp 

CRNA tax deductions are one of the most important ways 1099 healthcare professionals reduce taxable income while staying within IRS rules. The IRS allows deductions for expenses that are both ordinary and necessary, which means they are common in your field and helpful for your work. For CRNAs, that can include licensing, CEUs, malpractice coverage, travel, and… Continue reading CRNA Tax Deductions: What Every Nurse Anesthetist Can Write Off in 2026

Tax can be an intimidating topic to most people because of its complex nature, given the ever-changing tax laws to remember, different rules and methods that are available when figuring taxes, and not to mention the risk of incurring penalties and interest in case of noncompliance or late payments.   This is notably true for those… Continue reading 2024 Estimated Taxes: A Guide to a Stress-Free Tax Season 

Starting January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information (BOI) from reporting companies.   BOI is defined by FinCEN as identifying information about the individuals who directly or indirectly own or control a company.   This new reporting requirement is part of the government’s effort to safeguard the financial system, promote… Continue reading BOI Reporting Requirements: What You Need to Know