T2 Bookkeeping and Tax Service

07/17/2025

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10/17/2024

GLAAD’s CEO’s lavish lifestyle and spending habits could lead to serious tax trouble. Learn how excessive perks may jeopardize a nonprofit’s tax-exempt status.

10/17/2024

Tax preparers often encounter clients who are confused about the various tax credits available to them. Understanding these credits can significantly impact your tax liability and, in some cases, result in a refund. This is also true where many individuals who are not required to file a tax return miss out on substantial refundable tax credits intended for those with low incomes.

10/15/2024

The Social Security Administration has announced Cost-of-Living Adjustments for 2025.

10/14/2024

Understanding equitable ownership and its tax implications can help taxpayers make informed decisions about property ownership and maximize their tax benefits.

10/10/2024

The distinction between a hobby and a business can significantly impact your tax obligations. The IRS has hobby loss rules to determine whether an activity is a hobby or a business. If classified as a hobby, the income generated is taxable, but the expenses incurred are not deductible, except to the extent of the income.

Understand the IRS hobby loss rules and how they impact taxes, including the effect of the TCJA, profit motive factors, and deductions for hobby versus business

10/09/2024

Learn the key payroll tax considerations when hiring seasonal employees. Stay compliant with payroll taxes, avoid penalties, and ensure smooth payroll management. Contact us for expert help.

Learn the key payroll tax considerations when hiring seasonal employees.

10/08/2024

The IRS has announced disaster tax relief for individuals and businesses in several states affected by Hurricane Helene. Read this article to find out more about the affected areas and available relief options.

The IRS has announced disaster tax relief for individuals and businesses in several states affected by Hurricane Helene.

10/07/2024

The IRS has offered an olive branch to employers that voluntarily withdraw their claims. Watch the video to learn more.

10/04/2024

Discover the common IRS penalties for late filing, payment, and more. Learn how to avoid or reduce them and keep your tax obligations in check. Contact us for expert tax guidance.

Discover the common IRS penalties for late filing, payment, and more. Learn how to avoid or reduce them and keep your tax obligations in check.