Did you know that if you owe the IRS money and you don’t pay them by the deadline, they will charge you a penalty? In this blog post, we’ll explain the possible penalties you may be charged for underpaying your taxes, and we’ll also give you some tips on how to avoid them. What is […]
New IRS Tax Brackets for 2023: Explained by Pros
In a season when inflation is eating away at incomes, there may be some relief in the new guidelines issued by the U.S. Internal Revenue Service (IRS) for 2023 filings. In addition to new tax brackets, 2023 also promises revisions in minimum tax, exemptions, credits, and limitations that may benefit taxpayers. Lower taxable incomes and […]
Top-7 Tips for Smooth Corporate Accounting
Businesses of all sizes need reliable accounting and bookkeeping systems to track their finances, including corporations. Whether it’s a Wall Street PubCo or a small C-Corp, every corporate business’s accounting practices must comply with regulations. However, corporate accounting doesn’t have to be complicated. Your corporate accounting system is well on its way to success if […]
Unearned Income Bookkeeping Rules
Most people dream of living on unearned income and enjoying the easy life. But the taxation of unearned income is complex, and you’ll need to ensure that you have adequate records. We’ll look at what is and is not unearned income, the most common types of income, and how to tax and report the income. […]
A Guide to the Bonus Depreciation Phase Out 2023
What is bonus depreciation? It’s the opportunity to take accelerated depreciation and write off your asset purchase quicker than is usually allowed. And what’s with the bonus depreciation phase out 2023? You usually can’t write off the entire purchase cost in the first year when you purchase assets. Sometimes you can use Section 179 to […]
The Best Depreciation Schedules for Your Business Goals
When you purchase a fixed asset, you can’t always take the total expense of the purchase at once. Instead, you’ll need to calculate the allowed depreciation (and the rules change each year) to figure out how much of the purchase you can expense each year. A depreciation schedule helps you calculate and track the depreciation […]
Can Offering Escrow Help Freelancers Land More Clients?
Freelancing has a lengthy set of perks, including the ability to set your own hours, rates, and contract terms. The flexibility is a big plus, but there are downsides too. One of the most common hurdles is reliably securing payments from your clients. Establishing relationships with new clients takes time, and they might not want […]
NFT Taxes: Everything You Need to Know
Are you new to the world of NFTs? If so, you may wonder about the tax implications of owning and using these digital assets. This blog post will overview how NFT taxes work, including some common tax scenarios. By understanding the basics of NFT taxation, you can better prepare for filing your taxes this year. […]
Taxes on I Bonds and Other Treasury Bonds: Explained by Pros
Inflation has been in the news lately, and it’s hard to ignore it at the grocery store or gas station. But one silver lining that comes with high inflation is that the interest on I-Bonds is nearing all-time highs. I-Bonds are inflation protection bonds issued by the U.S. government, which you can purchase yearly through […]
Cash vs. Accrual Accounting: Which is Best for Your Business?
What’s cash vs accrual accounting? The cash basis of accounting is simple – you record your revenue as your deposit it in the bank and expenses when you make a purchase. The accrual basis instead determines revenue and expenses based on when they earn. We’ll explore the differences between the two methods and when each […]