In the past months this bill was passed by the congress, which is a set of amendments to various tax deductions and reliefs. Turning them from temporary reliefs to permanent reductions. Check out the list of modifications and how these may affect your business and income as a worker.
According to statistics provided by the U.S. Small Business Administration Office of Advocacy (2024), 80% of the small businesses in the country have no employees. This means that almost all of the entrepreneurs work alone on their new business.
During this year tax season fulfilling your tax return paperwork could turn into a headache and a stressful time, so you could easily search for hacks and advice from others experience on the internet.
This seek of help may cause some advice without basis become viral and start a spread of myths and misinformation that no regulator institution has confirmed. Keep reading to know more about the 4 taxes myths that became viral this 2023.
The IRS is providing tax relief to storm victims who live or have a business in the disaster area now have until May 15, 2023, to file various federal individual and business tax returns and to make tax payments.
The disaster área designated by the federal government includes the following counties: Colusa, El Dorado, Glenn, Humboldt,Los Angeles, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Orange, Placer, Riverside,Sacramento, San Bernardino, San Diego, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara,Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Ventura, Yolo, and Yuba. Read more
The Construction Industry is poised to continue in growth opportunity as it recovers from the dip in demand during the height of the pandemic. This could be a great time for a business formation, but first one must consider what is the right entity type for your needs. Read more
Since its introduction to law in late 2019 and its application in 2020, California Assembly Bill 5 (AB 5) has remained a contentious issue as some industries have struggled to adjust to the sharp change in employee categorization.
AB 5 relies on a 3-pronged test to determine employment that came about through 2018’s court case Dynamex Operations West, Inc. v. Superior Court of Los Angeles. Commonly referred to as the “ABC Test,” it presents that a worker is presumed to be an employee unless the hiring entity demonstrates all three of the following conditions: Read more
On August 24th, 2022, President Joe Biden announced a sweeping plan to cancel up to $20,000 in federal student loan debt and an extension of the repayment freeze until the end of the year. Debt forgiveness applies only to those earning less than $125,000 a year ($250,000 for married couples). The $20,000 available only to those that received a Pell grant in college. Non-Pell borrowers who meet the income requirements qualify for $10,000 of forgiveness from federal loans.
The Inflation Reduction Act of 2022, H.R. 5376, was signed into law by President Joe Biden on August 16th. Targeting health care, taxes and climate change, the $739 billion legislation includes a package for energy and conservation focused tax credits, tax provisions, and increased funding for the IRS.
In terms of energy incentives for individuals and businesses, the bill provides credits generally applicable for post 2022 returns including: Read more
Tax relief comes to California in the form of 2022-2023 budget bills. On July 5th, 2022, Governor Gavin Newsom signed into law California Assembly Bills “AB” 192, 194, and 195.
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