The Congressional Budget Office (CBO) published a report about the distribution of household income in 2018. The CBO estimates that the average income among the highest quintile households was more than 14 times the average income of households in the lowest quintile....
The IRS has issued slightly higher depreciation deduction limits for passenger automobiles placed in service in calendar year 2021. Taxpayers with qualified property (including automobiles) may generally claim an additional first-year depreciation deduction equal to...
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as...
Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for...
Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships, single...
Do you have a hobby that’s a source of income? If so, that income must be reported on your tax return. The extent to which you can deduct expenses related to the activity depends on whether the IRS considers it a business or a hobby. You can generally deduct expenses...
Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.
Include a snappy headline and a brief but evocative copy that will encourage your visitors to click that CTA right away!
