Hays CPA LLC

Feeling profitable but your bank balance says otherwise? Your P&L can hide timing and ratio issues—payroll, overhead or marketing may be quietly squeezing cash. Want to uncover hidden margin leaks? Find out.

Why Your P&L Statement Is Misleading | Cash Flow Strategies Revenue is up, but cash is tight? Discover why your P&L doesn't tell the whole story and how to use expense ratios to uncover margin leaks and improve cash flow.

Thinking of converting a rental into your primary home? Smart wealth move — but beware: depreciation recapture and “nonqualified use” can trigger surprise taxes (even on depreciation you didn’t claim). Hays CPA can help you keep more at closing. Find out how.

Converting Rental to Primary Home Tax Rules | Hays CPA LLC Expert advice on converting rentals to primary homes. Understand depreciation recapture, nonqualified use rules, and the Section 121 exclusion in Staten Island.

Still paying premiums for a life policy you no longer need? A life settlement can turn it into cash—often more than the surrender value. Surprise: proceeds are taxed in 3 tiers (some tax-free, some ordinary income, some capital gains). Find out what that means for your finances.

Tax Implications of Selling a Life Insurance Policy | Hays CPA Selling a life insurance policy? Learn the tax implications of life settlements, including basis, ordinary income, and capital gains, from Hays CPA LLC.

Think Venmo, Zelle, or PayPal make side income “invisible” to the IRS? Not true. Even without a 1099‑K, app payments can be taxable—and messy records can lead to surprise tax bills. Learn simple steps to protect your earnings and simplify bookkeeping. Find out.

How Payment Apps Affect Your Taxes Payment apps like Venmo, PayPal, Cash App, and Stripe can trigger tax reporting. Learn Form 1099-K rules and how to stay compliant.

You love supporting your athlete—but did you know some sports costs can affect your taxes? From child-care credits and volunteer write-offs to rare medical deductions and NIL rules, learn what counts (and what doesn’t). Find out.

Youth Sports, Taxes, and NIL Income Learn when youth sports expenses may qualify for tax credits, deductions, medical expenses, charitable giving, or NIL business income.

Ditch the "extra spending money" mindset: if you freelance, every dollar counts — and just $400 can trigger self‑employment tax. Simple systems, smart deductions, and quarterly payments can protect your income and fuel growth. Find out how to treat your side hustle like a business and avoid surprise tax bills.

Side Hustle Tax Planning for Gen Z Freelancers Avoid the side hustle tax trap. Learn about 1099-K rules, self-employment tax, and how Hays CPA LLC helps modern entrepreneurs stay compliant and grow.

It’s !

Do you actually need to file a tax return? 🤔💼

Generally, you must file if your gross income hits or exceeds these amounts:

👤 Single: $15,750
👥 Married Filing Jointly: $31,500
🏡 Head of Household: $23,625
💍 Married Filing Separately: $5

⚠️ Side Hustlers Take Note: If you are self-employed or freelancing, you must file if your net earnings hit $400 or more, regardless of your total income!

Learn more: https://www.irs.gov/individuals/check-if-you-need-to-file-a-tax-return

Good news for tipped workers: a new below-the-line deduction (2025–2028) can shave your tax bill—up to $25,000/year—even if you take the standard deduction. Surprising fact: crypto tips don’t count, and stricter third-party reporting starts in 2026. Find out.

Understanding the New Tip Tax Deduction (2025-2028) A guide to the temporary federal tip deduction, including eligibility, TTOC codes, and reporting changes for Staten Island service workers and gig earners.