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Crowdfunding may be used to fund business ideas, help families pay medical bills or raise money for charity, but bear in mind that the income raised by crowdfunding may be taxable.
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The bottom line is that every company’s situation is different. If you’re uncertain about whether you are paying yourself (or your officers) enough or too much, talk to your tax advisor to determine the best amount for balancing the tax savings with the audit risk.
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It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any virtual currency?
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This tax season, some taxpayers will be shocked to learn that they owe money to the IRS, perhaps because their employer didn’t withhold enough from their wages. But it’s your responsibility to ensure withholding is adequate – we can help.
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If you’ve earned income from the gig economy, the IRS is reminding you that those wages are taxable and must be reported.
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With tax season well underway, the IRS warns taxpayers to remain on guard when it comes to security. Be especially mindful, says the IRS, of scams involving unemployment benefits.
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Avoiding or minimizing probate is important if you own real estate in more than one state because each piece of real estate titled in your name must go through probate in the state where the property is located.
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As the topic of virtual currency continues to be on the minds of taxpayers, we at Abdo wanted to remind you that the IRS issued guidance on this topic back in 2019.
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Although the R&D credit is for any U.S.-based business that develops, designs, or improves products, processes, formulas, or software—something food, beverage, and agriculture businesses do each day—many have yet to apply for it. Most business owners assume it is only for research labs or large corporations. But this is far from the truth.
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An optional Minnesota Pass-through Entity (PTE) Tax is effective for tax years beginning in 2021. Qualifying partnerships and S Corporations can elect to pay and deduct Minnesota income tax at the entity level on behalf of their qualifying owners. This new entity level tax could significantly reduce Federal tax liabilities for Minnesota business owners.
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