Small companies lack the cash cushion or access to funds that bigger businesses might enjoy. Many small businesses were devastated by the coronavirus pandemic. Even with programs such as the Paycheck Protection Program, many did not survive. But for lots of small businesses that did survive the past few years, and for those emerging since […]
Health Savings Accounts (HSA): An Unsolicited Lesson for Your Taxation ‘Edu-tainment’
Anytime our team of professional accountants at Baum CPA sees a ‘Code W’ on a W-2, this clues us in to the fact that the client has a HSA account. What is a HSA? Well, it’s a Health Savings Account — a special kind of investment account. If you are in a high-deductible health plan […]
How to Calculate Your Home Office Tax Deductions
Does any of this apply to you? You run a business in your home. You run a business from your home. You run a home-based side gig. You are self-employed and conduct some aspects of your business from home. If you answer yes to any of the above, then you should be capturing the costs […]
14 Unusual Tax Deductions the IRS Allows
You’ll be surprised to learn about some unlikely sounding tax deductions that can be entirely legitimate! If you’re itemizing for tax year 2021, you’re probably trying to claim as many allowable deductions as you can. Why wouldn’t you? Some of them are pretty conventional. Mortgage interest. Medical expenses. Home office. Charitable contributions… It may be […]
Just What the Heck Is Going on With the IRS These Days?
Maybe you’ve seen some of the news headlines. Taxpayers face overloaded IRS as filing season opens Monday (AP News, 01/23/2022) An overwhelmed IRS suspends some taxpayer notices (Washington Post, 01/28/2022) Don’t panic if you got a scary IRS notice (CNN, 02/11/2022) And too many other similar stories. Or maybe you haven’t even noticed the flood of news about […]
Starting a Side Gig in 2022? Do You Know Your New Tax Obligations?
It’s not just self-employed individuals who must pay estimated taxes. Here’s what you need to know. W-2 income tax withholding isn’t perfect. You’ve probably had years when you owed more than you expected to on April 15. Or you were pleasantly surprised to receive a sizable refund. The idea, of course, is to try to […]