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 to individuals and more loans for struggling businesses. The bill also extends supplemental unemployment benefits and […]

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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 qualify as a tax deduction. One commonly used write off for […]

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Short-Term Rental Profit Academy Review: Is it Legit?

The short-term rental (STR) industry has seen a massive boom over the last several years. These days, many travelers prefer Airbnb or VRBO over traditional hotels. And this trend has led to the growth of many operators, from empty nesters putting their spare rooms on Airbnb to hungry upstart entrepreneurs standing up multiple listings in […]

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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 thinking about taxes. Filing taxes late can cost you […]

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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. You have to check with your local tax authorities to find out specific […]

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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 navigate the process, but you should consider all the factors before you decide to file. […]

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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 sales of securities, like stocks and bonds, and […]

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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. However, you should take a few things […]

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