Posts from: Tax News
Tax Tips 2017: Job Hunting Expenses
Job Hunting Expenses Finding a job can be tough, but what you might forget is that hunting for a job has expenses. If you are looking for a job in your field and have expenses while on the hunt, then those expenses can be deducted in Schedule A under... (more...)
Employers Beware! IRS warns of W-2 Scam
Business owners beware! Every year there are people that claim to be part of the IRS to scare you into giving them information. This year, there is a payroll scam where they are sending out e-mails where they are asking for W-2 information. Remember,... (more...)
Tax Tips 2017: Job Expenses
Job Expenses Everyone wants to deduct job related business expenses, but what qualifies? There are some common beliefs of what can be and can’t be deducted. For example, you cannot write off your daily lunches or commute to work. You can however write... (more...)
Tax Tips 2017: Charitable Donations
Charitable Donations One easy way to reduce your tax liability and give back to your community is by making donations of money, goods and time. Keeping track of the cash and goods you have given to charity is easy to remember, but those are not the only... (more...)
Tax Tips 2017: Deductible Medical Expenses
Medical Expenses The doctor’s office may be a scary place, but when you can get a tax deduction for the visit, maybe it’s not so bad. For 2016, the IRS will allow you to itemize the miles you drove for medical reason at 19 cents per mile. That is... (more...)
Tax Tips 2017: Itemized Deductions vs Standard Deduction
Tax season is upon us. There are many generally known tax deductions and strategies, but there may be something that you are missing. We here at Sonny & Company CPA will be putting out some tax tips to help you either reduce your tax liability or... (more...)
Attention Employers: New W-2 and 1099 Filing Deadline
Employers, beware! If you have a business that has employees or independent contractors, be aware of the new deadline enforced by the IRS. Usually employers had until the end of February to submit their W-2 copies to the IRS, but in an effort to detect... (more...)
Gambling: How to Report Winnings for Taxes
While hitting the jackpot in a slot machine or getting a flush in poker, taxpayers must remember that even winnings from gambling are taxed. Gamblers will receive a W-2G to know the total of their winnings for the year. Although this process for taxes... (more...)
How to Find a “Soulmate” er… Good Business Partner
If you have read our older blogs, we made a post about how working with your spouse as a business partner can be very effective if you treaded carefully. Now, in case you do not have a spouse, we will talk about how to find a business partner with the... (more...)
How to Avoid Tax Fraud, Advice from Scammers Themselves
As a company who follows the three basic principles of Honesty, Integrity, and Innovation, we do not condone Tax Fraud, and we certainly will never perform such acts for anyone who requests such atrocity. So what is Tax Fraud? According to tax whistleblower,... (more...)
Overview of Trump’s Upcoming Tax Plan (In Case You Don’t Already Know)
As January 20th comes closer to President Elect Trump taking over office, America must prepare for the new changes that he will make in the country. The changes we would like to discuss is the US Federal income tax system that he will implement. In this... (more...)
Mark Cuban’s Success Story
Mark Cuban, the owner of the Dallas Mavericks, is currently worth an estimated $3 billion. Although most of his money mainly came from 2 transactions during the dot com era, he was a natural born leader who had the expertise of an experienced entrepreneur... (more...)