Fiducial Blog – Page 2

Should You Be Keeping Home Improvement Records?

April 28, 2023

Many taxpayers don’t keep home improvement records. However, records are important if you want to take advantage of the tax code’s exclusion for home gains.

Vacation Home Rentals and Income Tax: What You Need to Know

April 26, 2023

Have questions about rental income tax for a part-time vacation home rentals? The applicable rental rules include some twists that you should know about.

Potential Tax Advantages of Hiring Your Child This Summer

April 24, 2023

Thinking about hiring your high school or college-age child to work in your business? You could reap significant tax benefits.

Why Quality Bookkeeping Matters

April 21, 2023

If you made a list of all the things that most business owners hate, bookkeeping is at the top. But don't underestimate the power of great bookkeeping.

You Can Now Receive a Tax Credit for Buying a Used Electric Vehicle

April 19, 2023

This is the first time used electric vehicles have qualified for a tax credit. This provides an incentive for taxpayers to acquire an electric vehicle.

Roundup of Individual Tax Changes For 2023

April 17, 2023

Two recent pieces of tax legislation have created several tax changes for 2023. The legislation includes the Inflation Reduction Act and the Secure 2.0 Act.

Protect the “Ordinary and Necessary” Advertising Expenses of Your Business

April 14, 2023

How does a business know if advertising and marketing expenses are deemed “ordinary and necessary” to qualify as deductible on their tax return?

Important Considerations When Engaging in a Like-Kind Exchange

April 12, 2023

How can a business or individual dispose of appreciated real property without taxation on the gain? You can do this through a like-kind exchange.

How Employee Stock Options Are Taxed

April 10, 2023

There are two basic types of employee stock options for tax purposes: a non-statutory option and a statutory option. Their tax treatment is very different.

What You Need to Know About Converting an S Corp to a C Corp

April 7, 2023

Converting from an S Corp to a C Corp is possible. However, it's a process that requires you to keep a few key things in mind along the way.

Missed Filing Tax Returns for Multiple Years?

April 5, 2023

Few people actually enjoy the process of filing tax returns. Having said that, you have no choice - you must do so like clockwork every single year

Can’t Pay Your Taxes? Here Are Some Payment Options

April 3, 2023

There are those who for one reason or another end up owing on their taxes. Of those who owe, many can’t pay their taxes by the return due date (April 18).

Home Energy Improvement Credit Is Enhanced

March 31, 2023

This tax benefit should have expired after 2021. However, a law change gave the home energy improvement credit renewed life and enhanced it beginning 2023.