10 Ways Cannabis Business Owners Can Save Money
At first glance, it may seem that the cards are stacked up against cannabis business owners. Compared to other industries, cannabis companies must pay tax on almost all of their gross income, this can be up to a 70% higher cost. This is due the tax code 208E that penalizes cannabis businesses, even when they…
Read MoreDomestic partnership vs. Marriage: Which is best for you?
Only about 70% of Millennials are getting married nowadays, this is significantly lower than any other previous generation. Some of the main reasons for millennials’ decisions not to get married include; not burden their partner with student loan debt or medical debt or not wanting to pay the marriage tax. Instead of traditional marriage, many…
Read MoreCollecting unemployment? Here’s How It Will Impact Your Taxes
Are you collecting unemployment? As of June 2020, the unemployment rate in America was at an estimated 13.3%. That’s down from 16% and those numbers don’t even reflect the scale of how many have had their income cut or lost their job due to the COVID-19 virus. We’ve just passed the July 15 extended tax…
Read MoreStrange and Funny Tax Laws Throughout History
Tax season concluded late this year, with the filing deadline on July 15th. Between the COVID-19 pandemic and the economic instability that resulted from it, we are all a little stressed. To lighten the mood, we decided to put together a list of funny and strange tax laws that have been levied throughout history. We’ve…
Read MoreHow to Approach Buying Your First Investment Property
You’ve probably heard that investment properties can provide a stream of passive income. While that may sound like easy money, there’s actually a lot of work involved in property investments. Before diving in headfirst, find out what you should do below. Consider the Work Involved Owning an investment property takes just as much work, if…
Read MoreHow to choose the right tax accountant
A quality tax preparing accountant saves you time and money. In today’s post, we look into how you can pick the best accountant for your business or personal tax needs. Ask For Recommendations Many of your peers have accountants. Ask them where they go. Why? Because, like any professional, most accountants have particular niches. They…
Read MoreShould you itemize this tax season? Some important things to keep in mind for 2020.
Should you itemize this tax season? That is a common question for many taxpayers this season. Are you holding off seeing an accountant because you aren’t sure whether or not you will need to itemize? I’m sorry to tell you, the only way you’ll truly know whether or not you should itemize is to ask…
Read MoreTax Prep Checklist: 6 Types of Documentation to Bring to Your Accountant This Tax Season
You’ve found the perfect accountant for your taxes. They understand your tax situation, what you need, and are willing to help. But what do you need to bring for your appointment? The longer it takes for an accountant to prepare your taxes, the more money it will cost you. You might as well be prepared…
Read More9 Red Flags That Could Get You Audited By the IRS
Getting audited is not common. In fact, the IRS only audited 1 in 160 individual tax returns in 2018. A decade ago, there was an audit rate of 1 in 90. Every year, the number of taxpayers audited has been slowly dropping Cuts at the IRS have resulted in fewer staff members, and, as a…
Read More3 Tax Benefits for New York Veterans
Current and former members of the military are eligible for certain tax exemptions. In today’s post, we’ll examine a handful of the exemptions available for New York veterans. As many as half a million New York veterans benefit from property tax exemptions, many of which are offered by local governments.
Read More