Businesses: Prepare for the Lower 1099-K Filing Threshold

Businesses: Prepare for the Lower 1099-K Filing Threshold

In 2022, the threshold has dropped significantly for the filing of Form 1099-K. Businesses & workers in certain industries may receive more of these forms.
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You Can Expense Business IT Equipment Purchases

You Can Expense Business IT Equipment Purchases

Businesses can now expense (write off as a deduction) IT equipment. However, it must be purchased and placed in service before the end of the year.
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The 2022 IRS Interest Rate Hike Went Live April 1st

The 2022 IRS Interest Rate Hike Went Live April 1st

Are you required to pay quarterly estimated income tax? Then, a recent interest rate hike imposed by the IRS may directly impact on you.
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Good News! Fully Deduct Business Meals in 2021 and 2022

Good News! Fully Deduct Business Meals in 2021 and 2022

The federal government is picking up the tab for certain business meals. The usual deduction for 50% of the cost of these meals doubled in 2022 (and 2021).
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Got a Side Hustle? The IRS is Cracking Down with Form 1099-K

Got a Side Hustle? The IRS is Cracking Down with Form 1099-K

Got a Side Hustle? The IRS is cracking down with Form 1099-K. The ARPA of 2021 included a provision to reduce the reporting threshold to $600.
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Don’t Think You Have to File a Tax Return? You May Be Missing Out!

Don’t Think You Have to File a Tax Return? You May Be Missing Out!

The government uses your tax return for more than just collecting taxes. Fiducial wants you to know the reasons and benefits available when you file.
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Do Tax Deductions and Tax Credits Result in the Same Tax Benefit?

Do Tax Deductions and Tax Credits Result in the Same Tax Benefit?

Tax lingo can be confusing. Often taxpayers confuse the terms “tax deductions” and “tax credits.” Fiducial explains these terms for you below.
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Hobby or For-Profit Activity? The Answer Matters for Tax Purposes

Hobby or For-Profit Activity? The Answer Matters for Tax Purposes

If you are engaged in an activity that produces income, we have a question for you. Is the activity a hobby or a business? Much hinges on the answer.
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