Tax Planning can be complicated if you are not a US Citizen

If you’re not a U.S. citizen, tax planning can get complicated because of compliance issues associated with residency. When preparing your tax return, we’ll begin the planning process by verifying your status as a resident alien or a nonresident alien. The distinction greatly affects your tax liability. Generally, a resident alien is someone who resides […]

How working in the gig economy affects your taxes

The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food, selling products online or offering local services like pet walking, it’s crucial to understand the tax implications of gig work […]

Sale of digital assets

Last year, the IRS issued final regulations requiring custodial brokers to report sales and exchanges of digital assets. The regs require brokers to report certain sales that take place beginning in calendar year 2025 on Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The IRS also provided transitional relief from backup withholding tax liability and […]

Receive a notice for not filing your tax return?

Taxpayers who are required to file a federal tax return but don’t may be in for a costly surprise. If the IRS receives a document like a Form W-2 indicating taxable income, it may file a Substitute for Return (SFR) on your behalf. Before doing so, the IRS typically will attempt to contact you and […]

The IRS recently announced 2026 amounts for Health Savings Accounts

The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs). Employees will be able to save a modest amount more in their HSAs next year. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can […]

Hobby income is taxable

Many Americans seek to earn money by way of a side hustle, which sometimes starts as a hobby. The IRS is reminding taxpayers that this income is taxable. Depending on whether the IRS considers the activity to be a business or a hobby, the tax treatment is very different. On their tax returns, businesses can […]

House Bill doesn’t completely remove tax on overtime

President Trump has repeatedly promised to abolish income tax on overtime pay. However, the bill passed by the U.S. House wouldn’t reduce tax for all workers putting in extra hours. Only hourly and some salaried employees required to be paid time-and-a-half after working 40 hours in a week would be affected. And only the 50% […]

Loan applications: How to strengthen your hand in today’s credit markets

In recent years, interest rates have increased and credit has tightened. Under these conditions, which are expected to persist in the coming months, securing a commercial loan can be challenging for businesses of all sizes. Whether you want to expand, stabilize your cash flow or simply build a financial cushion, being loan-ready is more critical […]

10 Federal Tax Tips

To help ensure small businesses take advantage of all potential tax breaks, the Taxpayer Advocate Service (TAS) summarizes the types of tax you may owe and provides a list of 10 federal tax tips (https://bit.ly/43WgUFP). Among the tips are to separate your business and personal finances, which means establishing business-only bank accounts and credit cards. […]

IRS penalties for noncompliance