Phoenix Financial Group Enrolled Agent
Selling an investment, real estate, or another valuable asset can come with an important tax consideration: capital gains tax. Capital gains can affect investors, homeowners, business owners, and everyday taxpayers. Understanding the basics can help you anticipate the potential tax impact of selling an asset and make more informed financial decisions. Here’s a straightforward look…
Starting a side hustle can be an exciting way to earn extra income, turn a hobby into a business, or test out a new idea. But whether you’re freelancing, consulting, selling products, providing services, or working in the gig economy, there’s one part of your new venture you don’t want to overlook: taxes. Side-hustle income…
Running a small business comes with plenty of expenses. Fortunately, many ordinary and necessary business costs may be deductible, potentially reducing your taxable business income. The challenge? Some deductible expenses are easy to overlook—especially when you’re focused on customers, employees, cash flow, and everything else that comes with running a business. Here are 10 tax…
Receiving a letter from the IRS can be stressful, especially when it mentions possible collection action. One notice that often causes concern is IRS Notice LT11, officially known as the Final Notice of Intent to Levy and Notice of Your Right to a Hearing. If you’ve received an LT11 notice, it’s important to understand what…
One of the first decisions you’ll make when preparing your tax return is selecting your filing status. While it may seem like a simple checkbox on your tax return, your filing status can affect your tax rate, standard deduction, eligibility for certain credits, and even the amount of tax you owe—or the refund you receive….
