by Steven J Weil, PhD, EA, LCAM | Aug 19, 2023 | Blog, Personal Tax
When you invest in crypto and other digital currencies don’t be surprised by the complications this adds at tax time. These transactions can take many forms and each form can result in a unique tax reporting challenge. Things as simple as trading or buying one kind of...
by Steven J Weil, PhD, EA, LCAM | Aug 17, 2023 | Blog, Investments, Personal Tax
Anyone born in 1929 or later needs 10 years of work (40 credits) to be eligible for retirement benefits. The maximum credits that can be earned per year is 4. Credits are earned based on wages as an employee or self-employment income. The amount of earning required...
by Steven J Weil, PhD, EA, LCAM | Aug 15, 2023 | Blog, Business Tax, Personal Tax
What is the difference between a business and a hobby — and why is it important? Businesses are motivated by profit, while hobbies are about the joy of the activity not the desire to make a profit. The distinction is important because when you have a business...
by Steven J Weil, PhD, EA, LCAM | Aug 8, 2023 | Blog, Business Tax, Personal Tax
1099-K Confusion on the Horizon The American Rescue Plan Act of 2021 lowered the filing threshold for payment processors and credit card companies from 200 transactions or $20,000 to just $600 for 2022 — but the IRS delayed the effective date until 2023. Because...
by Steven J Weil, PhD, EA, LCAM | Aug 3, 2023 | Blog, Business Tax
Employing People with Disabilities Employing people with disabilities can result in tax benefits for small business. If your business spends money to accommodate an employee(s) with disabilities it may qualify your business for special tax credits and deductions. Tax...
by Steven J Weil, PhD, EA, LCAM | Aug 1, 2023 | Blog, Business Tax, Personal Tax
Unannounced IRS Visits If someone knocks at your door claiming to be the IRS don’t believe them. The IRS has ended unannounced visits of revenue agents and other personnel to taxpayers’ homes and places of business. If you think this is to protect taxpayers, you...
