Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
Late filing taxes can incur penalties from the IRS, adding financial burdens to your plate. Let's delve into the consequences and explore ways to mitigate them. When you fail to file your taxes by the deadline, the IRS may impose penalties, … [Read more...] about Penalty for Filing Taxes Late
Do you know if you’re an employee or an independent contractor? Do you know the tax liability on your income? If you’re thinking about starting one of these services make an appointment with us to get you started off right. Learn what is deductible … [Read more...] about Navigating Taxes for Rideshare and Delivery Drivers
The Corporate Transparency Act of 2021 has ushered in new obligations for U.S. businesses, mandating the reporting of Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Companies are required to furnish … [Read more...] about Beneficial Ownership Reporting for New Business begins in 2024
The IRS has recently introduced regulations set to take effect in 2025, mandating brokers to furnish the agency with comprehensive reporting digital asset sales, customers' sales or exchanges of digital assets. Presently, taxpayers are liable for … [Read more...] about Reporting Digital Asset Sales
The IRS intends to classify nonfungible tokens (NFTs) as collectibles rather than capital assets for tax purposes, but only when the rights associated with an NFT meet the criteria of collectibles. This differentiation holds significance for … [Read more...] about Tax Treatment of NFTs
Understanding Tax Implications Going through a divorce or marital separation is a challenging time, emotionally and financially. However, it's crucial to consider the potential tax consequences that can arise during this process. Here, we'll delve … [Read more...] about Navigating Divorce
