Medical Expenses Checklist

The IRS and states will often allow taxpayers to reduce their declared income on tax returns for money that was used for certain approved expenses during the year. Because taxes are calculated as a percentage of your declared income, reducing said income will ultimately reduce what you owe the IRS. This reduction is known as a deduction. Consider the following example: Marie-Ann earned $45,000 at … Continue reading Medical Expenses Checklist

Keep It Personal – Classify Your Online Payments Properly or Face the 1099-K

The 1099-K originates in business transactions performed using online payment systems like PayPal. The situation changed for everyone starting January 2022, eliminating a potential tax loophole for small businesses and creating substantial more risk for personal use. Continue reading Keep It Personal – Classify Your Online Payments Properly or Face the 1099-K