by Steven J Weil, PhD, EA, LCAM | Nov 10, 2023 | Blog, Personal Tax
Charitable Contributions & Your 2023 Taxes The deduction of charitable contributions by non-itemizers has expired along with the enhanced deduction of itemized charitable contributions. However, considering charitable contributions for the year remains a viable...
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 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...
by Steven J Weil, PhD, EA, LCAM | Jul 30, 2023 | Blog, Personal Tax
Delay the Tax With An Installment Sale When selling property like land, rentals or business property an installment sale may delay the tax and even lower the tax bracket on some of the sales proceeds. An installment sale is when the seller provides part, or all, of...
