by Lori Bowden | May 4, 2025 | Business, Newsletter, Taxes
The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as...
by Lori Bowden | May 3, 2025 | Individuals, Newsletter, Taxes
Most people feel some relief after filing their income tax returns each year. But even if you’ve successfully filed your 2024 return, you may still have questions. Here are three common ones. 1. What’s the Status of Your Refund? You can learn the status of...
by Lori Bowden | May 2, 2025 | Business, Individuals, Newsletter, Taxes
If you own a company and travel for business, you may wonder whether you can deduct all the costs of having your spouse accompany you on trips. It’s possible, but the rules are restrictive. When Your Spouse Is Also Your Employee If your spouse is your employee, you...
by Lori Bowden | May 1, 2025 | Newsletter, Real Estate, Taxes
Making a family loan isn’t the only way to assist a loved one with purchasing a home. If you aren’t concerned about being paid back, a straightforward option is gifting cash. In 2025, you can give up to $19,000 to anyone without federal gift tax consequences under the...
by Lori Bowden | Apr 2, 2025 | Business, Individuals, Newsletter, Taxes
If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and...
by Lori Bowden | Mar 31, 2025 | Individuals, Newsletter, Taxes
Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and...
