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We often think that having a home in multiple states is a great idea, and sometimes we contemplate working while traveling between these homes.  In some cases, our jobs take us to multiple locations.  What happens when we work in multiple states throughout the year?

The Tax Cuts and Jobs Act of 2017 has led to changes in the way companies choose to be taxed.  Prior to the tax reform, many businesses were required to use the accrual method of accounting.  But with the change in tax law, businesses with $25 million or less in annual revenue over the prior three years can use the cash method.  More businesses are choosing the cash method of accounting instead of the previous accrual method, bu

In recent years, the economy has been having its share of ups and downs.  When businesses and private citizens want to secure financing from financial institutions to make large purchases, the economy can greatly influence the bank’s willingness to loan funds.  In an unknown or down-turned economy, the installment sale lends itself as a great alternative option.  An installment sale occurs when property is sold with at least one payment being

Most of the time, children are considered to be an extension of their parents when it comes to legal application until the age of majority.  Therefore, many taxpayers are surprised to learn their child is a separate taxpayer, even as a minor.  If your child has enough income, he or she has an obligation to file a return and pay the tax.  In some cases, you may include their income on your tax return; in others, they'll have to file their own t

“You should sell those.”  It’s a phrase many people have heard when showing someone their crafts.  When does a hobby become a business?  Is it when you first start selling your items?  Is it when you first turn a profit?  When can you start deducting expenses against the income?

In recent years, raising money online through third-party backers, or crowdfunding, has grown in popularity.  Originally utilized mostly by musicians, filmmakers and for other creative endeavors, it has now become a more widespread method of raising money for a trip, medical expense, or startup, and is often a quicker and easier alternative than conventional fundraising.  Often the creator of a campaign puts little thought to the tax ramificat

With the close of 2018, we begin to look ahead to 2019 and ensuring that we set ourselves up for a good tax outcome at year end.  There are many things to consider as you move through the tax year and some require pre-planning to ensure maximum benefit.

Vehicle purchases are one of the largest expenses for most families.  With an increase in people choosing to lease instead of buy, what are the differences?  As with most decisions in life, taxes should only be one of the considerations.   A few of the non-tax considerations on buying or leasing a business vehicle: number of miles you drive each year, how long you keep a car, how much do you want to spend on your monthly payments?

For most standard wage earners, preparing for your tax filing is fairly simple.  You receive a Form W2 in the mail and unless you have other rental properties or other complications, your return is relatively straightforward.  But for the freelancer, things aren’t quite as simple.