February 9, 2022

Did you give to charity in 2021? Make sure you have substantiation

(COVIDTRA) Covid Tax Relief, 2021 Tax Return, Charitable, Donations, Federal Income Tax, Gifts, Tax Deduction, Tax Return / Douglas Freeman

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements. To prove a charitable […]

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Important tax aspects of operating your business as a sole proprietor

Business Deductions, Business Expenses, Health Care Insurance, Home Office Deduction, Itemized Deduction, Past-Through Entities, Self Employment Tax, Small Business, Small Business Owners, Sole Proprietors / Douglas Freeman

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The net income is taxable to you regardless

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