Ken Brooks

If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. To claim a tax deduction for charity work, you must itemize your tax

In the digital age, online security is among the most critical factors for any business. As more and more people are living their lives online, security has become a priority for those giving up sensitive information – including financial data – via the World Wide Web. Cyber threats are evolving with alarming sophistication, making it crucial for businesses to

One fundamental financial practice that often gets overlooked, yet holds immense importance, is the separation of personal and business finances. By maintaining distinct bank accounts and credit cards for business transactions, small business owners can streamline bookkeeping processes, ensure accurate expense tracking, and foster clarity in financial management. Importance of Separating Personal and Business Finances:

The death of a loved one is one of life’s most difficult times and a time for reflection and grieving. However, it also triggers unique financial and tax events that must be dealt with by the survivors. For a surviving spouse, this is an especially difficult time and can be devastating if the death was sudden

The Employee Retention Credit (ERC) was a government-sponsored program to keep workers employed during the Covid-19 pandemic. It provided qualifying employers with a refundable credit against certain employment taxes equal to 70% (up from 50% prior to 2021) of the qualified wages that an eligible employer paid to employees after March 12, 2020, and before

Due to the COVID-19 pandemic, the IRS suspended the mailing of automated reminders to pay overdue tax bills starting in February 2022. These reminders would have normally been issued as a follow-up after the initial notice. Although these reminder notices were suspended, the failure- to-pay penalty continues to accrue for taxpayers who did not fully

Joseph Wunderlich, affectionately known as Joe, is an experienced professional specializing in accounting and taxation. Currently holding the position of Principal in the tax department at FKC, Joe boasts over two decades of experience in the field. His academic journey began with a Bachelor of Science from Ithaca College in 1994, followed by an MBA

The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its finalrule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA). The new rule, which becomes effective March 11, 2024, rescinds the 2021 independent contractor rule issued under former President Donald Trump and

As Baby Boomers approach retirement, many are considering downsizing their homes to simplify their lives and reduce expenses. However, what seems like a straightforward decision is often complicated by financial and tax implications, especially in today’s volatile housing market. This guide aims to shed light on the challenges and opportunities that come with downsizing, offering