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
Whether you are new to owning an S-Corporation or have been operating your business as such for a while now, chances are that you have heard about the requirement of paying owner-employees a “reasonable compensation.” Many small business owners may still not fully understand this concept and therefore, may be operating their business in such
Reasonable Compensation: What No One Is Talking About Read More »
There are four different ways you may be required to file a federal income tax return. Knowing this will save you penalties and interest that could be owed on tax liabilities owed simply because you thought you didn’t have to file!
Knowing when your times up for claiming your young adult is necessary to ensure you’re not losing out on valuable credits and tax deductions that could be applicable to you if you’re still able to claim him or her. The opposite could be an issue as well, and it is where you claim your son/daughter
The business structure, S-Corporation, is one of the most complex business types that small business owners love, but may not fully understand how to properly operate from a tax compliance standpoint. This article discusses the top mistakes we see business owners making with their S-Corporation. Our list is not in any special order, all seems
7 Horrible Mistakes You’re Making With Your S-Corporation Read More »
