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Avoid Losing Tax Deductions When Starting a Business

January 10, 2025February 28, 2025Lower Taxes, Rental Income Tax Strategies, Small Business Tax Consultant, Small Business Tax Tips, Tax Deductions, Tax Preparation, Tax Services Cleveland, Tax Strategies

Starting a new business is an exciting endeavor, but it also comes with complex tax considerations. Starting a business for tax purposes involves more than ambition—it requires clear evidence of operational activity to justify deductions. A recent Tax Court case involving petitioners Kwaku Eason and Ashley L. Leisner highlights the importance of understanding when a...Continue reading

Beginning 2020 IRS Requires 1099-NEC Instead of 1099-MISC

January 30, 2021February 8, 2021Individual Tax Returns, IRS Filing, Lower Taxes, Tax Deductions, Tax Preparation, Tax Services Cleveland, Tax Strategies

What is Form 1099-NEC? Starting with the 2020 tax year, the IRS requires businesses to use the new Form 1099-NEC to report nonemployee compensation – not Form 1099-MISC, which was previously used. Filing Taxes With a 1099-NEC If you are self-employed and receiving any type of 1099 forms, you should be using a tax preparation...