Alicia Tuovila
CPA
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Does my business get a tax break for buying a car?
If you purchase a vehicle for your business, it pays to understand the nuances of current tax law. How can you use Section 179 and bonus depreciation…
Tax deductions for travel expenses: How to turn your business trip into a tax deductible getaway
Learn how you can use tax deductions for travel expenses to turn your trip into a tax-deductible getaway.
What does the payroll tax deferral mean for self-employed people?
The CARES Act allowed self-employed people to defer paying certain Social Security taxes in tax year 2020. Half of the deferred tax was due by Jan. 3…
Commonly missed tax deductions for gig workers
Don't miss out on these tax deductions for gig workers.
Sum of the years digits: A depreciation guide
How do you calculate the sum of the years' digits method of depreciation? What are the pros and cons of sum of the years' digits versus straight line…
Double declining balance method: A depreciation guide
How do you calculate the double-declining balance method of depreciation? What are the pros and cons of using the double-declining balance method?…
How to get an EIN number
An EIN is a number assigned by the IRS to track your business tax account. For certain independent contractors and small business owners, the IRS…
What happens if you miss the tax deadline? Penalties for late filing
If you miss the tax filing deadline, you will be subject to failure-to-file penalties. To avoid this, you should file an extension prior to the…
How are incentive stock options taxed?
If you receive a stock option from your employer, the type of stock option determines the timing of income you must report for tax purposes. The…
Green energy credits for business
If your business invests in solar energy property, fuel cells, small wind turbines, you may qualify for federal renewable energy tax credits.…