Many people are dissatisfied with local government and make no bones about it. Check social media. Everyday we see never ending threads inspired by citizens speaking out about local issues that concern them. For most people, complaining on social media is about as far as their involvement will get. For the select few who think they can […]
Zola Grace CPAs
How to Save Money on Tax Preparation Fees
Imagine what it might be like if every single one of your customers, clients or associates needed something really important from you, and they all needed it at exactly the same time. This is a challenge that your accountant faces every April. Here are some things you can do that will help your accountant and keep your fees […]
Are Commuting Expenses Deductible?
For employees, the cost of daily transportation to and from work can add up. Whether you drive your own car or take a bus, train or ferry to your regular place of employment, chances are you’ve wondered whether or not your commuting expenses were tax deductible. Here’s what the IRS says: No matter how far your home is from […]
Musicians, Artists, Athletes, Influencers: Tax Pitfalls to Avoid
Musicians, artists, athletes and influencers fall into a niche group of taxpayers: Traveling Professionals. Also included in this group are entertainers, writers, other performing artists and keynote speakers. What these individuals have in common, from a tax perspective, is that they travel to many different places to perform work. In turn, people that fall into this group are prone to […]
Starting Your Own NonProfit?
Be sure to do this: Incorporate, or otherwise organize your group, according to the laws of your State. Obtain a Federal employer identification number. Apply for Federal tax exempt status. Register your organization as a charity according to the laws of your State. Understand your ongoing Federal and State recordkeeping and reporting obligations. Understand the Federal requirements for […]
Business Gifts – IRS Limits You Should Know About
If you give gifts to your clients, customers or associates in the course of your trade or business, you may be wondering if these gifts are tax deductible. The good news is that yes, they are. However, the IRS imposes serious limits on how much you can deduct. Under current rules, which have not been updated since 1962, […]