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Accounting and Tax Tips Blog

How The December 2020 Package Affects Small Businesses

The pandemic devastated the small business sector in 2020, so the government passed another round of stimulus measures in December of 2020. This December 2020 stimulus package provided additional support for the Coronavirus Relief Fund (CRF), including direct payments...

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What is a Real Estate Professional? 

What is a Real Estate Professional? 

Real estate investing offers an outstanding path to long-term wealth. However, a lot of confusion exists when it comes to real estate and taxes. New investors hear that real estate provides great tax advantages, but they don’t necessarily know-how. Things get even...

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Home Office Deduction: What You Need to Know

As a business owner, tax deductions are your best friend. They help lower your taxable income, which helps you lower your tax bill. Qualified business expenses can actually be a huge benefit come tax time. Office supplies,  marketing costs, and even office rent can...

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What is the Penalty for Filing Taxes Late?

The tax deadline tends to creep up quietly. In 2020, the IRS extended the tax deadline to July 15, giving taxpayers another three months to file and pay taxes. However, it’s back to the normal schedule this year. After all, it’s never too early to start...

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Are Your Assets Subject to Personal Property Tax?

Some municipalities use personal property tax to generate revenues for public programs and infrastructure. Each tax jurisdiction has the power to levy their own taxes and set their own guidelines. As a result, there are no set rules regarding personal property taxes....

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Everything You Need to Know About Chapter 13 Bankruptcy

Bankruptcy is a last resort for most business owners, but sometimes it’s the best option. Filing for bankruptcy can protect you from your creditors, but it’s a complicated process with long-lasting consequences. Most people hire a lawyer to help them...

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