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Recent Posts
23 July 2024
The Exclusion from Income of Olympic Prize Money; A Win for Athletes
Historically, the Internal Revenue Service (IRS) has taxed almost all forms of prize money and awards. This includes winnings from lotteries, beauty pageants, television game shows, and yes, even Olympic medals. The rationale is straightforward: prize money is considered income, and income is subject to federal taxes. This rule has been in place since 1986, and it has applied uniformly across various types of awards. For U.S. Olympic athletes
David M Robson22 July 2024
Can States Save Seniors? Fighting the Rising Costs of Property Taxes
Property taxes are a significant financial burden for many Americans, particularly senior citizens. Rising property taxes have begun to jeopardize the financial stability of older adults living on fixed incomes. In response, some states are implementing reforms and rebate programs to alleviate this burden, while others are considering eliminating property taxes altogether.
David M Robson19 July 2024
Top 5 Accounting Mistakes Small Business Owners Make and How to Avoid Them
Small business owners, who juggle multiple responsibilities, often commit common accounting mistakes that can lead to significant issues down the line. Avoiding these mistakes can save you time, money, and stress.
David M RobsonWhy Premier Tax and Business Services
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