Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that.
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Missy Dennis

Recent Posts
Topics: Taxable Income, Business Ownership, Taxes, Tax Return
As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let's take a look:
Topics: Taxes, Tax Return
Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the December 27, 2020, tax law changes that provided a second round of Economic Impact Payments and other benefits to many taxpayers. This programming work is critical to ensuring IRS systems run smoothly to minimize refund delays and ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.
Topics: Business Ownership, Personal Finance, Taxes, Tax Return, Tax Preparation
Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.
Topics: Taxes, Tax Return, Tax Preparation
Important Tax Changes for Individuals and Businesses
Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.
Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation
The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020.
Topics: Business Ownership, Personal Finance, Taxes, Small Business
If you're thinking of starting a nonprofit organization, there are a few things you should know before you get started. First, is understanding how nonprofits work under state and federal law. For example, two things you should understand is that state law governs nonprofit status. Nonprofit status is determined by an organization's articles of incorporation or trust documents while federal law governs tax-exempt status (i.e., exemption from federal income tax). Whether you're starting a charity, a social organization, or an association here are the steps you need to take before you can apply for tax-exempt status.
Topics: Business Ownership, Taxes
When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you're working remotely from a location in a different state (or country) from that of your office, then you may be wondering if you will have to pay income tax in multiple jurisdictions or whether you will need to file income tax returns in both states.
Topics: Taxable Income, Personal Finance, Taxes, Tax Return, Tax Planning
Topics: Business Ownership, Taxes, Tax Credit, Small Business, Tax Return, Tax Preparation, Business Expenses
As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2020.
Topics: Taxable Income, Personal Finance, Taxes, Tax Deduction, Tax Return, Tax Planning