Even If No Money Changes Hands, Bartering Is a Taxable Transaction

August 10, 2020

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you…

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    Conduct a “Paycheck Checkup” to Make Sure Your Withholding is Adequate

    August 3, 2020

    Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a…

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      Businesses: Get Ready For The New Form 1099-NEC

      July 27, 2020

      There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form…

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        Are You The Parent of a Rising High School Senior? Make the Most of Summer to Help Your Child Prepare for College Application in the Fall

        July 16, 2020

        by Rosalind Lee, Guidance Education, Independent College Admission Counselor / www.guidanceeducation.com You and your family have made it through the lockdown.  It’s finally summer and time to relax a bit.  Despite all the uncertainties about returning to school in the fall, grading, testing, and how…

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          After You File Your Tax Return: 3 Issues to Consider

          July 13, 2020

          The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are…

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