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Accounting and Tax Tips Blog

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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How to Avoid Capital Gains Tax on Real Estate Sales

Investing is all about turning profits, but those profits come with a price. Anytime you sell an asset for a financial gain, Uncle Sam wants his cut. The government takes its share of the loot through a capital gains tax. Capital gains taxes most commonly apply to...

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Airbnb Tax Planning for Hosts

How do you report Airbnb taxes? Estimated tax planning is the best way to ensure that your taxes are properly filed as an Airbnb host. Here are some tips to help you prepare your Airbnb taxes so that you can avoid tax problems. This post specifically focuses on Airbnb...

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How to Claim Education Tax Credits with Form 8863

If you pay for continued education for yourself, your spouse, or a dependent, you may be able to claim the expenses on your taxes and take advantage of the education tax credits available to you.  You can use Form 8863 to report these expenses on your year-end taxes....

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6 Tax Extension Tips for Rideshare Drivers 

Best Tax Extension Tips for Rideshare Drivers Automatic extensions can give you up to six additional months to file your tax return. The extra time makes a big difference for many rideshare drivers. However, taking a few steps in advice can save you a lot of...

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