Your tips are your money. Your manager, supervisor, or the owner cannot take your tips. The law on tips is in Federal Department of Labor Fact Sheet 15 HERE. You are not required to split your tips or ‘tip… Read More »Your Tips Are Your Money
(TL;DR at bottom) This is question that I get all the time. “If I put my car in my company’s name, it is a company car, right?” Nope. “If I put magnetic signs on it, it… Read More »Can I Deduct my Car and Expenses?
I love it when I get a call from someone asking me how much tax they will have to pay on something, and I get to say ‘zero.’ They get so excited when they have tax-free income and the taxman… Read More »15 kinds of Tax-Free Income
Yes, I am an Enrolled Agent in all 50 states, but I get it all the time… “This is Diane. She’s my CPA.” Me: “No, I’m an Enrolled Agent.” Them: “Huh?” Me: “Enrolled Agent” Them: “You’re an IRS agent?” Me: “Nevermind…”… Read More »You’re a What? Enrolled Agent? What’s that?
A 1031 exchange is also known as a ‘like-kind’ exchange and it a method or deferring the taxes on the sale of a piece of property.
I can deduct the work I do on my house, right? I get asked this often. The answer is… maybe? I think I give that answer to everything, so let’s see how selling your home is taxed and what you… Read More »Can I deduct my home improvement expenses?
Arkansas has NOT extended the deadline to assess your property in 2020. The May 31 deadline to assess all property stands. Since that is on a Sunday, the deadline is Monday June 1. What is Property Tax? Property tax is… Read More »Arkansas Commercial Property Tax Assessment
Gambling. People try to hide it sometimes. Others wear winning like a badge of honor. But when you win more than a few hundred on the lottery or at the casino, the government knows. Form W2-G You will know… Read More »Gambling Winnings on Form W2-G
On February 27th, 2020, Diane was invited to teach a class at the Fayetteville Library on the topic IRS Reporting for Nonprofits. The specifics of taxes for nonprofit organizations is something hard to grasp for many new nonprofits. It is… Read More »IRS Reporting for Nonprofits
Why Would I Have to Send a 1099 to Someone? (Updated for January 2021) IF 1 – You have a business and business expenses AND 2 – One of your expenses is paying a person (or people) to do work… Read More »Everything You Want to Know About Form 1099
January 2024 Update 2024 is upon us already and tax season is all year long at Grass Roots Taxes. If you have no idea what to bring to do your taxes, check out my list of most forgotten documents, below,… Read More »What to Bring to Do Your Taxes
The worst part of getting a new job is filling out that dreaded paperwork. The new boss asks about everything. They need to see your ID and Social Security card. They need your emergency contact and next of kin. But… Read More »Tackling the New W4
You know what’s frustrating? When regular customers tell me they signed up for some new service with another accountant. Or used some online legal service. Or bought some scammy service that they don’t need. “You do that? I had no… Read More »36 Things Your Accountant Can Do for You
I got a text the other day from a client asking if I could pull a copy of his 1994 tax return. My first gut reaction was, “Why on earth would you need it?” I learned a long time ago… Read More »Can I get a copy of my old 1994 tax return?
How do I deduct my credit card payments? This is a very common question in my office and not an easy concept. Taxation is not based on cash flow. What is Cash Flow? Cash flow is the immediate feeling… Read More »Why can’t I deduct my credit card payments?
