by ABIP | Aug 2, 2022 | Accounting, Newsletter, Taxes
A cash windfall is any amount of money that you didn’t expect to receive and is over your regular income. Most would consider it to be any amount over $1,000 – and quite often, the amount of money is much more than that. For example, you may have received...
by ABIP | Aug 1, 2022 | Business, Individuals, Newsletter, Taxes
47.7% of family business collapses occur because of the death of the founder. Succession issues can be detrimental to a family business’s future. Incomplete, untested or complete lack of a plan can cause turmoil within the family, impact the profitability of the...
by Gabby Miller | Jul 8, 2022 | Accounting, Individuals, News, Newsletter
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention of making a profit. However, many people engage in hobby activities that turn into a source of...
by Gabby Miller | Jul 7, 2022 | Business, Fraud, Individuals, News, Newsletter, Taxes
Dirty Dozen Tax Scams for 2022 The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at...
by Gabby Miller | Jul 6, 2022 | Individuals, News, Newsletter, Taxes
What Teen Entrepreneurs Should Know About Taxes Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult...
by Gabby Miller | Jul 5, 2022 | News, Newsletter, Taxes
The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile, effective July 1, 2022. The new mileage rate is up 4 cents from the rate...
