What is the Recovery Rebate Credit, and do you qualify?

The IRS made history in 2020 when it issued “stimulus checks” to more than 160 million taxpayers based on the information provided in their 2018 or 2019 tax returns. More formally known as Economic Impact Payments, those initial amounts — $1,200 for each taxpayer and $500 for their dependents – were subject to income limits […]

What are the tax advantages of an LLC, and how does it work?

That’s a trick question! Single-member LLC’s (SMLLCs) are disregarded entities in the eye of the IRS. LLC owners are called members. If you are a sole proprietor who formed an SMLLC to protect your personal assets from liability claims arising from your business, you can continue to report your business revenue and expenses using Schedule C with your individual return.  If you formed an LLC with […]

What is Business Tangible Personal Property, and how do you keep track of it?