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Accounting and Tax Tips Blog

Tax Tips: Understanding Book to Tax Adjustments

 Book income measures your business’s financial performance, but it doesn’t always line up with your business’s taxable totals. Sometimes, you need to adjust your book income to accurately report your taxable income. However, the process requires...

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Airbnb Tax Help: Video Walkthrough

One of the most lucrative ways to earn an income in the Sharing Economy is through home-sharing platforms like Airbnb. Airbnb allows homeowners to rent out their vacant properties and spare bedrooms. If you’re an Airbnb host, the IRS classifies you as self-employed...

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The Best Tax Checklist for New Airbnb Hosts

As a new Airbnb host, you will be responsible for saving for taxes along with other regulatory requirements. Before you open your area to your future guests, you might want to think about the tax implications before you start hosting.  Below is a tax checklist for new...

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What is a Profit and Loss Statement?

  One of the most significant financial reports for your business is going to be your profit and loss statement. The overall financial health of your business can be displayed in your profit and loss, it’s what banks will use in determining your eligibility...

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Bitcoin Taxes for Crypto Traders

Bitcoin and other convertible virtual currencies have gained a lot of traction over the last several years. In its infancy, there was a lot of grey area in terms of how the IRS viewed cryptocurrency. This lack of guidance led to tax discrepancies for some crypto...

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The Most Pressing Airbnb Tax Questions

Short term rental platforms like Airbnb and VBRO have increased in popularity over the last several years. What once started out as a part-time income for some, has been scaled to quite a profitable enterprise for others. Regardless of if you are a part-time or full...

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Self Employed Tax Deductions: The Complete List

Taxes are an inevitable part of being a small business owner. If you own your own business or work as an independent contractor, you know that your tax bill can quickly add up. The more successful you are, the more money you owe. You have probably heard of the saying...

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Best Retirement Plans for Small Businesses

Traditional employees aren’t the only ones who can access tax-advantaged retirement accounts. In fact, freelancers and contractors have even more options for retirement savings. Two of the best retirement plans for small businesses include simplified employee...

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