You probably fall into one of two categories: You don’t know or care about Form 1099-K reporting (even though it might apply to you); or You’ve been stressing about how you’re going to comply with the Form 1099-K reporting requirements…
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basic…
If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a sole-proprietorship, a C corporation, or a pass-through entity such as a partnership,…
Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups…
With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes. Good news: Scholarships (and…
Did you know Team Mize sponsors and stocks Blessing Boxes in Topeka, Kansas, and Austin, Texas? Blessing Boxes serve as a beacon of hope, providing essential food and goods to those who need it most, while reinforcing Mize’s commitment to…
Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). A little-known fact is that these…
Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the…
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA),…
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies…