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- Counseling the Counselors: What your Therapy Business Needs to Know About Taxes
- Therapy and counseling are invaluable services, and counselors make such a difference in clients’ lives that it’s hard to remember that they’re also operating a business. But if you’re a therapist it’s no surprise to you. With tax time right around the corner, now’s the time for a quick update on what you need to know about filing your income taxes. We’ve compiled some important tips to help make sure that your bookkeeping and accounting records are up-to-date and that you’re in compliance.
- If You Have a Side Hustle, Be Advised: The IRS is Cracking Down
- For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs) to be reported on Form 1099-K. The purpose being to uncover merchants that do not report all of their income by comparing the 1099-K amounts to the amount reported on the individual’s or business’s tax return and following up with the under-reporters by correspondence or by audit.
- All the Things That Entrepreneurs Can Learn From the Overnight Success Story of Wordle
- Wordle became public in October 2021 and, after exploding in popularity, was eventually purchased by The New York Times for a seven-figure sum.
- IRS Stops Using Facial Authentication Software for Access to Online Accounts
- A prior blog article posting included an article about the IRS’ plans to use ID.me facial recognition software for taxpayers and others to authenticate access to their online accounts.
- Important Enhancements to the Earned Income Tax Credit For 2021
- The earned income tax credit (EITC) is regarded as one of the government’s largest antipoverty programs and helps millions of American families every year. You are urged to check to see if you qualify for this very beneficial refundable credit. Significant enhancements have been added (some only for 2021), and even if you have not qualified in the past, you may qualify this year.
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