You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards… Read More »Emil @ CPA Daytraders: Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances
If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax… Read More »Daytraders CPA: Buying a new business vehicle? A heavy SUV is a tax-smart choice
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity… Read More »Daytraders CPA: There still may be time to make an IRA contribution for last year
Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on… Read More »Daytraders CPA: Do you run a business from home? You may be able to deduct home office expenses
Even before the pandemic and “the Great Resignation” that followed, construction businesses were facing a shortage of skilled workers. Recent events have only exacerbated the… Read More »Emil @ CPA Daytraders: How construction companies can cope with the skilled labor shortage
If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed… Read More »Daytraders CPA – Child tax credit: The rules keep changing but it’s still valuable
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North… Read More »Daytraders CPA: Key tax issues in M&A transactions
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips… Read More »Daytraders CPA: Have employees who receive tips? Here are the tax implications
Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022… Read More »Emil @ CPA Daytraders wrote: Answers to your questions about 2023 limits on individual taxes
Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered… Read More »Daytraders CPA wrote: Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty
The construction industry continues to face supply chain slowdowns, labor shortages and inflation — though the latter of the three has generally moderated a bit… Read More »Daytraders CPA: 8 ways to insulate your construction company against rising costs
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here… Read More »Day Traders CPA: Many tax limits affecting businesses have increased for 2023