Category: Featured

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 

Many of us are taking care of our aging parents or loved ones that are facing disabilities, making sure that they are comfortable and healthy as they can be.  And it is a great relief to know that there is an available tax credit tailored for the elderly or disabled individuals that can provide financial… Continue reading A Guide to Tax Credit for the Elderly or Disabled 

During this time of the year, a lot of us take a moment to look back on the challenges, achievements, and lessons that the past twelve months have brought us. Reflecting on our experiences can give valuable insights for us to be wiser and prepare for the new challenges to come.  The end of the… Continue reading The IRS Get Ready Manual for Tax Season 2024 

The new year is almost upon us with only just a couple days before we greet and welcome 2024. And like a yearly tradition, the Internal Revenue Service adjusts the rates or basis of several tax provisions to ease the effect of inflation.  It is important for taxpayers, especially the self-employed and small business owners,… Continue reading Quick Look: 2024 IRS Tax Provision Updates 

Since Oct 1, 2023, the Internal Revenue Service (IRS) increased the interest on tax underpayments to 8%, parading a consistent surge since 2021 with only 3% penalty rate before rising to 6% in 2022.   And just recently, the IRS announced that the 8% underpayment penalty rate will be kept until the first quarter of 2024. … Continue reading Caution: Huge Underpayment Penalty Alert! 

Tis the season of giving and sharing! But did you know that giving gifts during your lifetime may subject you to a federal tax? But don’t be discouraged to give because it would take millions worth of gifts before the Internal Revenue Service (IRS) will go running after you for taxes.  Although you may not… Continue reading Gifts: Limits and Taxes