Column

Tax Changes When Using Third-Party Apps for Transactions
Column

Tax Changes When Using Third-Party Apps for Transactions

You may have heard about a change in the tax law that lowered the threshold for when Payment Settlement Entities" (PSEs) are required to issue a 1099-K. 

The old rule was that the PSE ("third party network") must send the taxpayer a 1099-K if: 1) The entity made payments to the taxpayer of more than $20,000 during the year, and 2) The taxpayer processed 200 or more transactions through that Payment Settlement Entity. 

Well, now the limit is more than $600 and there is no transaction threshold.

What is a "Payment Settlement Entity"? (more)

The Principle of Honor
Column

The Principle of Honor

We live in a cancel culture society here in the United States of America. Cancel culture thinking has infiltrated not only the public, but also our institutions of higher learning.

One of the most valuable traits that has been lost in this country is the issue of honor. Think of honor as a magnet. What I am about to say has the potential to put everything in your life back into order.

“What you honor comes to you and what you dishonor goes from you.” This fact will work in relationships, in your business endeavors, in your finances, in your politics, and everything else in your life. Let’s call it the principle of honor. (more)

It’s Your Taxes-new credit for used electric vehicles
Column

It’s Your Taxes-new credit for used electric vehicles

Are you interested in purchasing an electric vehicle but new ones are just too expensive?

Well, as of January 1, 2023, you can now get a tax credit of up to $4,000 on the purchase of a used electric vehicle from a dealer. That’s right, only purchases from a car dealer qualify so don’t buy your neighbor’s old Tesla if you want the tax credit. (more)

It’s Your Taxes-big changes for residential energy property credits
Column

It’s Your Taxes-big changes for residential energy property credits

Editor’s note: The La Mirada Blog would like to welcome tax advisor Chris Gelfuso founder of Uplevel Business Services to our team of contributors (see ad on this page). Uplevel specializes in bookkeeping, payroll, and tax return preparation for individuals, small businesses and the self-employed. Moving forward, Chris will be producing a monthly column here, providing news and trends of the industry with timely updates and valuable information on ways individuals and small businesses can save money on their taxes.

Home Improvement Tax Breaks!

You might have heard in the news that The Inflation Reduction Act of 2022 was signed into law by President Joe Biden on August 16, 2022. The main provisions of the act can be summarized as the following: (more)

LA MIRADA WEATHER

Explore