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...
by Todd Schanel, CFA, CPA, CFP® | Apr 23, 2019 | IRS, Self-Employed, Tax Advice, Tax Deductions
In the event of an IRS audit, you need to provide documentation for your deductible expenses. Some people keep the receipts, while others keep credit card statements. So what exactly do you need to keep? Keep the receipt and the credit card statement In general,...
by Todd Schanel, CFA, CPA, CFP® | Apr 15, 2019 | IRS, Tax Advice
Keeping track of receipts for tax-deductible expenses can be a hassle. File cabinets stacked with invoices and wallets filled with paper receipts take up time and space and can become downright annoying. One solution to this problem is to convert paper receipts...
by Glenn Schanel, CPA | Sep 27, 2018 | Self-Employed, Small Business, Tax Advice
For generations, people have had part-time businesses, and in today’s so-called gig economy, it’s even more common. But is your part-time business really a business, or is it a hobby? The IRS draws a firm line between the two and has separate rules for the tax...
by Glenn Schanel, CPA | Sep 5, 2018 | Self-Employed, Tax Advice, Tax Cuts and Job Act
As the gig economy grows and remote work become a bigger part of the US economy, more people are working from a home office. Deducting expenses for a home office can save you on taxes, but there are guidelines on what qualifies. Here’s What You Can...
by Glenn Schanel, CPA | Aug 28, 2018 | IRS, Tax Advice
Most of us have heard stories about innocent people receiving scam calls from someone posing as an IRS agent threatening immediate legal action and arrest if they don’t immediately make a payment. Perhaps even you have received one of these calls. Here’s what you need...
