by Schanel CPA | Jan 13, 2021 | IRS, Tax Advice, Tax Preparation
An important aspect of tax compliance for business owners is the requirement to file a 1099 for certain payments made during the normal course of business. If you are a business owner, below is a summary of what you need to know. What is a 1099? A 1099...
by Todd Schanel, CFA, CPA, CFP® | Mar 16, 2020 | IRS, Tax Advice
What is an Enrolled Agent? Although no formal credentials are required to work as a tax preparer in the U.S., hiring one with a professional license protects your interests. Besides the obvious choice of hiring a CPA, an Enrolled Agent, or EA, is another option....
by Todd Schanel, CFA, CPA, CFP® | Dec 2, 2019 | IRS, Self-Employed, Tax Advice, Tax Deductions
Interest on personal loans and credit cards is generally not a deductible expense. But one important exception to this general rule is when you use a personal credit card or take out a personal loan to pay for business-related expenses. In this situation, the interest...
by Todd Schanel, CFA, CPA, CFP® | Oct 4, 2019 | IRS, Tax Advice, Tax Deductions
When an investor sells a stock or mutual fund that produces a loss, this capital loss reduces taxable income by first offsetting any capital gains, and then by reducing taxable income up to $3,000. Net capital losses in excess of $3,000 generate what is called a...
by Todd Schanel, CFA, CPA, CFP® | Sep 17, 2019 | IRS, Tax Advice
In today’s highly mobile society, it’s not unusual for people to live and work in different states, and that mobility can have tax implications. In this two-part series, we will look at what that can mean for your taxes, starting with your federal income tax...
by Todd Schanel, CFA, CPA, CFP® | Aug 1, 2019 | IRS, Tax Advice
Welcome to Florida! You can now enjoy the benefits of living in a state with no state income tax. But don’t put your checkbook away just yet. In certain situations, your former state can tax income that you receive even after you establish residence...
