Lak Bhaskar CPA

03/03/2023

Let's get the weekend started. Friday from

03/02/2023

Members of the clergy are taxed on not just their salary but on other fees and contributions that they receive in exchange for performing services such as marriages, baptisms, and funerals. A parsonage allowance is excludable from income but is subject to the self-employment tax unless the cleric has taken a vow of poverty and has been granted an exception.

Members of the clergy are taxed on not just their salary but on other fees and contributions that they receive in exchange for performing services such as marriages, baptisms, funerals, and masses. As a result, clerics will generally report their income in two ways:

03/01/2023

Tap into your full potential. Wednesday Wisdom from Lak Bhaskar CPA

02/28/2023

Medicaid makes waiver payments to those who care for disabled individuals and thus saves the government from caring for these individuals in more expensive institutions. These payments can be excluded from taxable income In addition, these payments, even though excluded from income are treated as earned income for purposes of claiming the earned income tax credit if the caregiver is otherwise qualified.

Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming, and exhausting. The government also recognizes home care as a means of reducing the government’s costs in terms of caring fo...

02/27/2023

Because most of the COVID pandemic-related tax benefits have come to an end, your tax refunds may be smaller this year and substantially smaller for many.

02/27/2023

Set yourself up for success with Monday Motivation from Lak Bhaskar CPA

02/25/2023

Lak Bhaskar CPA - Some Saturday business knowledge for our friends and colleagues.

02/24/2023

End of week tax fact from Lak Bhaskar CPA

02/23/2023

Stock options are incentives provided to key employees to help grow the value of the employer's stock. When stock options are exercised, non-statutory option gains are treated as wages, while the gain from stock acquired by the exercise of statutory (incentive) options is deferred until the stock is sold, at which time the gain is treated as a capital gain if the shares are held for a required period.

Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of shares of the company’s stock at a future date at a specific price. Generally, options are ...

02/22/2023

The first thing you should do to get back on track with your taxes involves checking on the current status of your account with the IRS. Learn more.

The first thing you should do to get back on track with your taxes involves checking on the current status of your account with the IRS.

02/22/2023

Here are the March 2023 Business Due Dates

02/22/2023

Here is some midweek Wednesday Wisdom inspiration from your friends at Lak Bhaskar CPA