As we get ready to wrap up the final weeks of 2023, I thought it would be useful to share some last minute tax savings tips that you can still implement at this point to reduce your 2023 tax liability. Some of these will apply to individuals, and some are more geared towards business owners. …
Hiring your first staff member is an exciting milestone for your mental health practice. Whether you need a part-time receptionist or another therapist, you must decide if they will be an employee or contractor. This decision isn’t as straightforward as it may appear. Let’s delve into the details together, taking a closer look at control, …
The Therapist’s Guide to Hiring: Employee vs. Contractor – What You Need to Know Read More »
Well, here we go. The IRS has already started accepting e-filed business tax returns for the 2022 year, and individual returns will be accepted on 1/23/23. In other words, tax season is officially underway. Thank G-d, this tax season should be a general ‘return to normal’ when compared to the past few years of chaos …
You might have heard recent news about Portugal creating a new ‘digital nomad’ visa to encourage individuals to come live and work abroad in the coastal European country. Ecuador also recently instituted a similar visa with the same intent. If you’re thinking of moving abroad and wondering how that would affect your taxes, here are …
Tax Consequences of Moving or Working From Abroad Read More »
During the COVID-19 pandemic there was a slew of various relief packages and initiatives passed to help businesses that were suffering, including PPP loans, Economic Injury Disaster Loans and perhaps most importantly – the Employee Retention Tax Credit (ERTC). The one that probably got the most attention were PPP Loans, which provided businesses with loans …
Is ERTC the Most Lucrative COVID-Related Stimulus Funding for Your Business? Read More »
One of the most frequent questions I receive from current and prospective clients is whether their business should be taxed as an S-Corp. In fact, it’s happened more than once that before I can even get in a ‘so tell me about your business’ on an intro call with a new prospective client, I’m already …
As the temperatures start to rise and we start to enjoy some beautiful spring weather with hints of summer close by, many families are starting to plan summer vacations to a warm getaway. As a business owner you may be wondering, is there a legitimate way for me to deduct a vacation? What about general …
SaaS (Software As A Service) has been a huge trend over the past few years. While the idea of paying monthly for a subscription to something like Quickbooks or Calendly probably comes pretty naturally to you at this point, the idea of a tax subscription package might seem a little strange at first. But …
If you didn’t notice, this past year was a tough one for many accountants. From tax laws around PPP loans and Employee Retention Tax Credits that were changing seemingly by the week, to massive pieces of legislation that many accountants spent countless hours trying to study and strategize for impending changes to things like capital …
We’re now only about two weeks away from closing out the 2021 year. If you’re wondering what you can do now to save on 2021 taxes, keep reading! While some tax planning can still be done after the end of the year, most tax savings tips and strategies need to be implemented before the end …
