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…
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?…
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…
What is a 1031 exchange form? How to defer taxes on like-kind real estate
If you own business or investment real estate, a Section 1031 like kind exchange can provide you with the opportunity to upgrade into a larger or…
How to pay taxes on side jobs
If you have a side job, be sure to pay your income tax throughout the year. Don't wait until tax season. You'll need to pay taxes directly to the IRS…
How to track your state refund status
How do I track my state tax refund status? Each state governs their own refund, so you will need to go to your state's tax authority website. Find…
1099 NEC vs. 1099 MISC
You may have noticed that independent contractor payments are now reported on the tax form 1099-NEC rather than the 1099-MISC. What prompted this…