by Steven J Weil, PhD, EA, LCAM | Dec 29, 2022 | Blog, Business Tax, Uncategorized
If the IRS decides that your business is actually a hobby, its losses are classified as “hobby losses” and may not be deductible, even against that year’s income from the hobby. In today’s economy, it is not unusual to have more than one source of income....
by Steven J Weil, PhD, EA, LCAM | Dec 26, 2022 | Blog
IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ like Venmo, PayPal, Cash App, etc. December 23, 2022, the IRS released Notice 2023-10, which announces the delay in implementation of the $600 lower requirement for...
by Steven J Weil, PhD, EA, LCAM | Dec 23, 2022 | Blog, Wealth
If you bought a home for $300,000 in the last year with a 30-year mortgage at a rate of 3.25% your monthly payment (before taxes and insurance) would have been $1,305.62. That same house today at a mortgage rate of 6.39% would cost you $1,874.55 per month. This is an...
by Steven J Weil, PhD, EA, LCAM | Dec 21, 2022 | Blog, Uncategorized
At RMS Accounting all work is performed by firm employees, housed in our Fort Lauderdale offices and supervised by our firm principals. Why are we telling you this? In an effort to cut costs and expand capacity, many other firms, large and small, outsource things like...
by Steven J Weil, PhD, EA, LCAM | Dec 19, 2022 | Blog
Hiring the kids moves income from being taxed at your tax bracket to being taxed at theirs which could be as low as zero percent. While this method of moving income from your tax bracket to that of your children, or even grandchildren, is perfectly legal, it does...
