Beginning with the 2022 tax year, annual business earnings exceeding $600 received through apps like Venmo, Zelle, Cash app or PayPal, must be reported to the IRS. The new tax law was included in the 2021 American Rescue Plan and went into effect on January 1st, 2022. Previously, third-party payment platforms were required to report [...]

Let’s face it… the financial markets have been ugly lately. Nobody likes to see their account balances down, but there are some tax-saving opportunities that can help reduce the pain in a down market. Let’s take a look at a few. Consider a Roth conversion Roth conversions are a blog for another day. However, in [...]

Boating season is here and a question we get all the time is “can I deduct my boat? You might be able to! Let’s take a closer look. Can I deduct the interest expense for my boat? Your boat could be considered a qualified home and therefore the interest you pay for your boat loan [...]

Background If you currently have a traditional IRA, you may be considering whether you should convert your IRA to a Roth IRA. The answer to that question, like most tax questions is… “it depends…”. Let’s first take a look at the difference between a traditional IRA and a Roth IRA. The main difference between the [...]

The commonly known deadline for filing your personal income tax return with the IRS is April 15, however the IRS does permit a six-month extension of the deadline. An extension can be requested by filing a form with the IRS prior to the due date of April 15th, requesting additional time to file your federal [...]

If you employ household workers, which may include housekeepers, nannies, babysitters, gardeners, cooks, health care workers and other employees it is important to understand your tax obligations, commonly referred to as "nanny taxes." What types of workers are covered? Simply working in your home does not necessarily classify someone as a household employee. You are [...]