It is important to understand and correctly classify a worker as an employee or contractor. If the worker is classified as an employee,...

As you know, once a month we feature an entrepreneurial story of a successful business owner. This month we bring you the story of Evann...

If your employer offers a 401(k) plan, you may want to take advantage of the tax benefit these plans offer. According to the IRS, "A...

If you don’t personally know Holly Parks, you may not know her extensive experience in the equestrian industry. We'd like to share a...

An employer is required to obtain from each employee a completed Form W-4, Employee's Withholding Certificate, in order to determine the...

Parks Tax & Consulting serves a wide range of small businesses. Our services are completely customizable to the level of help each...

Did you pay taxes in a foreign country but you are subject to US tax on the same income? If so, you may be able to claim a credit for...

We know riding clothes can be quite an expense and you may be wondering if riding attire qualifies as a deductible item. If you're a...

If you're thinking about hiring a CPA to help with your taxes, you may want to evaluate your tax situation to see if it makes sense. The...

The Income Statement is one of the three financial statements. To get a complete idea about what financial statements are for and how to...

Did you know the US has a Financial Crimes Enforcement Network (FinCEN)? The main function of this government bureau is to prevent and...

To get a general view about how capital gains are taxed we recommend reading this post first. If you are a farm owner or equine...

What is a capital gain? A capital gain occurs when an asset is sold for a price higher than the purchase price. This gain is a taxable...

What is a tax rate? A tax rate is the percentage at which an individual or corporation is taxed. In the US we have a progressive tax rate...

General definition A power of attorney is a legal document that authorizes a person to make medical or financial decisions on your...

The IRS allows most taxpayers a standard deduction which reduces their taxable income by a predesignated amount. For some taxpayers, it...

Are you a business owner? Knowing how to interpret financial statements is a necessary skill used to make important decisions and...

Today, we are going to cover how to deduct horse breeding expenses. These guidelines apply to businesses using the cash accounting...

There's a potential overhaul of the global taxation of multinational corporations on the horizon. The goal of the proposed 15% global...

The word expat is short for expatriate. In simple words, an expat is a person residing and/or working in a country other than their...