Remote Workers Beware of 2021 Tax Laws
This year over 26% million Americans are working remotely. In response to the pandemic, many people around the world quickly shifted from working at the office to working at home. To adjust to the speed of this transition, many states offered a pandemic-related reprieve that resulted in no tax filing obligations for remote workers. That…Read More
The business owners guide to cannabis tax laws.
Roughly 27% of American adults use cannabis products on a monthly basis (2019). In light of its legalized popularity, many small business owners have found great success in the cultivation and sale of marijuana and marijuana-related products. There is a lot of potential revenue in this booming industry. Since the spring of 2021, for example,…Read More
Can carbon tax help save the world?
The infamous carbon tax that has been around for nearly 50 years will soon be laid to rest. Not included in the recent infrastructure bill or other proposed climate policies, Biden has all but killed it. Despite having a large bipartisan support, with 67% of Congress in favor of some type of pricing on carbon…Read More
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 More
Tax 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 More
How The Tax Cuts and Jobs Act (TCJA) Affects Fantasy Sports
Fantasy sports is becoming increasingly popular, with 59.3 million people playing in the United States and Canada, creating a $7 billion industry. With this though, comes tax implications for winners. The Tax Cuts and Jobs Act (TCJA) provides tax opportunities and drawbacks that fantasy players should understand. There is currently an ongoing debate how winnings…Read More
Important Dates In Post-Revolution American Tax History
The Revolutionary War was sparked in part by the British imposing taxes on the American colonists without their permission or consent. Once the colonists had freed themselves from British rule, it was time to establish a government that could pay the debts it had incurred during the conflict. 1777 – Articles of Confederation This was…Read More
Important Dates In Colonial American Tax History
In the spirit of summer, we’re creating a series containing some of the important dates in US tax history. Why is this something we talk about in July? Back on July 4, 1776, Congress adopted the Declaration of Independence, a document that stated the American colonies wouldn’t accept British rule — or taxation. But that’s…Read More
Three Financial Housekeeping Tips for the Post Tax Season
You did it! Whether you’re patiently awaiting a refund or unenthusiastically writing a check, you can officially put tax season behind you. While tax time can be stress inducing for even the most seasoned accountants, not to mention taxpayers, it’s never too early to start preparing for next year. We always advise our clients to…Read More
WCBS Small Business Spotlight features Paul Herman!
Paul Herman of Herman & Company, CPA’s is featured on the WCBS Small Business Spotlight. Learn how the tax code changes will effect you!!Read More