Real estate looks like an attractive investment in today’s high inflation environment, but it comes with risks. If your investment property loses value, you end up with a capital loss. […]
IRS Postpones $600 Threshold on Form 1099K Reporting
For 1099k 2022, third-party payment processors were scheduled to issue 1099-Ks if you received over $600 in payments. Form 1099-K reports the payments you receive from third-party processors such as […]
America’s Progressive Tax System: Explained
The U.S.’s progressive tax system charges higher tax rates for higher earners. This system is designed to ensure taxpayers of various income levels pay a fair tax rate at the […]
What to Know About Filing 2023 Taxes
With a new year comes new changes to the tax rules. We’ve outlined some of the most impactful items on your 2023 taxes. Note that since the year has […]
Bookkeeping Rules for Prepaid Expenses
Expenses on the cash basis of accounting are simple. For example, if you write a check or charge something on your credit card, you’ve created an expense. But if your […]
Will I Get a Venmo 1099 for 2022?
Remote work has produced an influx of 1099 independent contractors, and the IRS updated its rules in 2022 to ensure everyone pays their fair share of taxes. As a result […]
IRS Underpayment Penalties and How to Avoid Them
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 […]
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. […]
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 […]
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 […]