Posts by Julia Tsoy
Tax Obligations from Working in the Gig Economy
Income received from freelancing or from online platforms offering goods and services is generally taxable—and that remains true if the income comes from a side job or if you don’t receive an income statement reporting the amount you earned for the work.
Read MoreIn the Market for a Business Vehicle? A Heavy SUV Might Be the Right Choice
Submitted by Julia Tsoy at Smolin Lupin. If you’re thinking about buying or replacing a vehicle for use in your business, you may want to consider choosing a heavy sport utility vehicle (SUV)—these vehicles might allow you to benefit from lucrative tax rules.
Read MoreHome Office Deductions for Business-Owners Working From Home
Many people are working from home during the COVID-19 pandemic. If you’re self-employed, you might be able to claim deductions for home office expenses against your business income—as long as you run your business from your home or perform certain functions there.
Read MoreTax Update – Treatment for PPP Loans
Recent federal legislation will allow borrowers of PPP loans to take a tax deduction for payroll and other tax-deductible expenses incurred and paid with PPP funds. Find out how.
Read MoreSavvy Social Security for Baby Boomers
This is a 45 minute workshop designed to educate people over age 55 about how the Social Security System works. After being told for years that the Social Security System is going broke, Baby Boomers are realizing that it will soon be their turn to collect benefits.
Read MoreShould You Be Considering a Mezzanine Loan?
COVID-19 has brought rapid and dramatic change to the business landscape. Many companies have lost revenue due to the pandemic. Others need capital to take advantage of new business opportunities. One financial option available to your business is a mezzanine loan. Mezzanine loans offer quick access to capital in exchange for slightly higher interest rates and a specific set of restrictions.
Read MoreTax Planning for Professional Services Firms
When you have a professional services firm, you need to think ahead when it comes to taxes. With some planning, you can be strategic in spending, reducing tax liability and payments and hitting your financial goals.
Read MoreRevising Business Compensation Models During the Pandemic
Because of the novel coronavirus (COVID-19) pandemic, businesses across a variety of industries are revising their sales compensation models. Nonprofit workforce researchers WorldatWork released a report in late April indicating that 36% of organizations had begun addressing sales compensation in light of the crisis, and another 49% were developing plans to do so. If your company is considering changes to how it compensates sales staff in a drastically changed economy, here are three of the most common actions being implemented according to the survey,
Read MoreFinancial Considerations During a Pandemic
A falling stock market, a potential economic downturn and a lack of clear answers about when things will return to “normal” may have you wondering what to do with your investments.In this webinar you’ll learn about:Current market movements and their impact on long-term financial goals, what to do with your existing 401(k) plans and preparing for potential defaults and valuation, investment and funding issues,
Read MoreTax Credits May Help With the High Cost of Raising Children
If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children.
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