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Booth Renter or Employee? How Texas Salon Owners Should Classify Stylists

Texas dropped its booth rental license, but salon owners still have to decide if stylists are booth renters or employees. Here's what each option means for you.

The Ins and Outs of Series EE Savings Bond Taxation

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional

Partners May Have to Report More Income on Tax Returns than They Receive in Cash

If you’re a partner in a business you may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income

IRA Charitable Donations: An Alternative to Taxable Required Distributions

Are you charitably minded and also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved

Businesses: Prepare for the Lower 1099-K Filing Threshold

If you have a business you should be aware that youmay be responsible for issuing more information reporting forms for 2022 because more workers may fall into the

Inflation Enhances the 2023 Amounts for Health Savings Accounts

The IRS recently released guidance providing inflation-adjusted amounts for Health Savings Accounts (HSAs) in 2023. Next year’s amounts are being increased more than they have been in recent

Valuable Gifts to Charity May Require an Appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply information proving their right

Businesses May Receive Notices About Information Returns that Don’t Match IRS Records

The IRS has begun mailing notices to businesses, financial institutions, and other payers that filed certain returns with information that doesn’t match the agency’s current records. These CP2100

Want to Turn a Hobby Into a Business? Watch Out for the Tax Rules

You may have dreamed of turning your hobby into a regular business. If so, you wouldn’t be alone. If your new business is profitable you won’t have any

The Tax Mechanics Involved in the Sale of Trade or Business Property

What are the tax consequences of selling property used in your trade or business? Several rules can potentially apply to the sale of business property. To simplify discussion,

Thinking About Converting Your Home Into a Rental Property?

Sometimes homeowners decide to move to new residences, but still keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of

Tax Considerations When Adding a New Partner at Your Business

There are several financial and legal implications when adding a new partner in a partnership. Let’s say you and your partners are planning to admit a new partner.