Tax Corner | Blog

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Tax Corner I Blog

Taxes for Content Creators, Freelancers, and Influencers

As a content creator or freelancer, managing your taxes can seem daunting, but with the right strategies and knowledge, it can be manageable. Here are some tips for staying on top of your taxes and keeping more money in your pocket. 1. Keep Records The first step in managing your taxes is keeping track of all your revenue

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A calculator aids in calculating taxes for non-resident aliens.
Tax Corner I Blog

Taxes for Non-resident Aliens

If you’re a non-resident alien, taxes can be confusing and overwhelming. However, it’s important to understand how the United States tax code applies to you as a foreign person who conducts business in the country. Firstly, it’s important to determine your tax status. A non-resident alien is someone who is not a U.S. citizen, does

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A glass jar containing coins and a sign indicating IRA, optimizing taxes with IRA contributions.
Tax Corner I Blog

Maximizing Taxes with IRA Contributions

If you’re looking to save on taxes and invest in your future retirement, an Individual Retirement Account (IRA) can be a great option. One potential benefit of an IRA is the ability to deduct contributions from your taxable income. In this blog, we’ll explore the ins and outs of IRA tax deductions. Firstly, it’s important

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IRS check pen.
Tax Corner I Blog

 IRS Encourages Making Estimated Tax Payment by January 17

The IRS is encouraging and reminding taxpayers to make an estimated quarterly tax payment for 2022 by January 17. The IRS has already indicated that many taxpayers will have smaller refunds because many of the pandemic stimulus credits have expired and for those taxpayers that did not withhold enough already will likely end up with

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An IRS issued cheque with Refund written across the top
Tax Corner I Blog

Expect Your 2023 IRS Tax Refunds To Be Smaller

With the new tax season approaching, many will soon be in the midst of organizing their tax documents to begin tax preparation and filing. Unlike the prior years which included many pandemic tax benefits, taxpayers need to brace for a tax year with smaller refunds.  Pandemic tax benefits like the expanded child tax credit, expansions

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IRS, Delay
Tax Corner I Blog

IRS to Delay Required Issuance of 1099-K for Payment Platforms

Many were dreading the requirement for payment service entities (PSE) like PayPal, Venmo, and Cash App to issue a 1099-K for taxpayers receiving $600 or more for goods and services.  The legislation requiring this was part of the American Rescue Plan Act of 2021. Congress was poised the delay this measure but Congressional Action failed.

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A retirement plan with glasses and a calculator on a desk.
Tax Corner I Blog

IRS Increases Retirement Contribution Limits for 2023

Taxpayers are able to take advantage of increased contributions limits in 2023. As part of its changes to a group of cost-of-living adjustments, which includes increases in social security and income tax bracket changes, the federal government announced that individual employee contribution limits will increase to $22,500 from the $20,500 in 2022. Defined plan provisions

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An alarm clock sits on top of a stack of papers.
Tax Corner I Blog

October 17th Extension Deadline Approaching

For those taxpayers that filed an extension in April, the deadline is right around the corner. About 1 in 8 taxpayers have filed an extension this year. The deadline is extended 6 months from the tax due date. This year, however, the deadline falls on October 17 than the typical deadline of October 15 since the

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A person using a calculator on a desk with paperwork.
Tax Corner I Blog

March 15 Deadline for Business Returns

The deadline for business returns including s-corporation and partnership returns are coming up on March 15. The IRS allows a 6 month extension for these returns but will need to be applied for. Single-member LLC or sole proprietorships are due on April 15 but those taxpayers that have an s-corporation or partnership will need the

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