Capital gains is the income made from selling capital assets, including real estate, for more than their basis. If you are a homeowner looking to sell your home during these peak real estate times, what does this mean for you and your taxes? This is a question that many are asking, but is often misunderstood. […]
Capital Gains Tax from Selling Your Home: Myths vs. Reality Read More »
Your ability to prove whether or not you have a business can greatly impact the deductions you’re able to take on your tax return for expenses you incur in carrying out your activities. In this article we discuss a few of the factors the IRS considers when determining if you have a business or a
It is important to assess your real-estate flipping activities before you take action to ensure success. In this blog, we will share some tips and tricks to make certain that you are on the right path to a profitable investment flip. 1. You must understand your lending terms. If you obtain a hard money loan
Profit Flipping Real-Estate: How to Assess Your Next Flip Read More »
Have you ever found yourself wondering what the differences are between a certified public accountant (CPA) and an accountant? You may have even, mistakenly, thought them to be one and the same. Individuals seeking to improve their financial and tax lives, small business owners seeking to grow, and/or managers seeking to assist in scale their
How do you know if you have the right CPA on your team? It is possible to outgrow your CPA or need a more qualified CPA. This article will give you some insight on how to assess your business needs and how to choose the right CPA for your small business. Assess Your Small Business
1. Interviewing Your Tenants MATTERS It is important to have a protocol set in place when choosing the right tenant for your property. Go the extra mile when interviewing your tenants because choosing the wrong tenant can fall back on you. You want to make sure they are taking care of your property. Don’t cut
6 Real-Estate Investment Tips from Real-Life Lessons Read More »
1. Keep Track of Your Expenses Having good record-keeping allows you to be confident that you have all of the expenses that you have incurred throughout the year. Using a cloud-based accounting software can help you track your income, expenses and improvements you make to your property. 2. Depreciation – Maximizing deductions over the shortest
5 Lessons About Deducting or Writing Off Your Real-Estate Investment Read More »
In our last article, “What is Virtual Currency and Should I Invest in it?”, we explained cryptocurrency and the benefits and risks involved in investing in it. This article will explain the tax effects of exchanging cryptocurrency. The year 2020 was the first year the IRS began asking taxpayers to state whether they have purchased
If you have ever wondered about all the talk about virtual currency, what it is and how you can profit from it, then you’ll appreciate this article. In this article, we will explain what virtual currency is and detail the benefits and risks involved in investing in it. What is Virtual Currency? Virtual currency is
What Is Virtual Currency And Should I Invest In It? Read More »
Are you a consultant, railroad worker, truck driver or other business professional who often travels away from home? Then, this article is for you if you would like to make sure you are rightfully claiming all your travel expenses. You will also learn in what scenario, you may not be able to do so. Happy
