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So far bluefish has created 31 blog entries.

What You Need to Know About Hobby Loss Rules


Do you have a hobby? In the age of Netflix and social media, it may seem like hobbies are a dying breed. Unless of course, you are an IRS agent reviewing tax returns, then you might see dozens of pesky and very expensive hobbies. Hobbies are legitimate (and healthy!) but too often they are abused [...]

What You Need to Know About Hobby Loss Rules2023-03-15T12:25:22-04:00

What is a Tax Deductible Uniform?


Something we like to tell our clients regarding tax write-offs and advice: “If it seems too good to be true, it probably is.” Such was the case when one man set the internet ablaze with his Tik Tok describing how he writes off all his business suits by turning them into “uniforms”. His advice was [...]

What is a Tax Deductible Uniform?2023-02-17T16:51:09-05:00

Big Updates for Retirement Accounts


A lot of new changes have been taking place lately in regard to finances - the rise and fall of crypto empires, remote work testing the landscape of state income tax, and the uncertain future of many pandemic-era provisions. Not all of it is stressful and confusing though. New laws have brought some especially noteworthy [...]

Big Updates for Retirement Accounts2023-01-13T10:20:29-05:00

Bunching deductions can provide greater tax deductions


The Tax Cuts and Jobs Act introduced in 2017 had a widespread impact by nearly doubling the standard deduction for tax filers. While many people were pleased by that increase in the deduction, few realized how bunching tax deductions could help them to take greater advantage of this increase. Here is how it works. What [...]

Bunching deductions can provide greater tax deductions2022-12-06T08:18:00-05:00

Tax Deductions for the Holidays


The holidays are quickly approaching, with Thanksgiving just around the corner. Your company may want to spread some holiday cheer to your customers or employees. So, we thought a quick reminder on the tax rules related to holiday gifts and parties. Employee Holiday Gifts As a general rule, anything of value that a business transfers [...]

Tax Deductions for the Holidays2022-11-07T09:07:57-05:00

Are gambling winnings taxable?


We get this question a lot. Unfortunately, you will not be so lucky when it comes to taxes. Gambling winnings are taxable income Winnings at a casino, on a scratch ticket, the bingo hall, or sportsbook are taxable income. The amount of income is the net winning on per wager. For example, if you bet [...]

Are gambling winnings taxable?2022-09-08T13:31:12-04:00

Traveling for Business Again? What Expenses are Tax Deductible?


As the country begins to climb out of the Covid-19 pandemic, business travel continues to increase. With that, we thought it would be a good time for a refresher on the deductibility of business travel expenses. Transportation, Lodging and Meals: The actual costs of travel, such as airfare, lodging, and ground transportation are deductible for [...]

Traveling for Business Again? What Expenses are Tax Deductible?2022-08-02T07:33:52-04:00

The IRS is now Requiring Payment Apps to Report Earnings Exceeding $600


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 [...]

The IRS is now Requiring Payment Apps to Report Earnings Exceeding $6002022-07-08T14:45:01-04:00

Tax strategies in a down market


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 [...]

Tax strategies in a down market2022-06-09T08:51:01-04:00

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