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 […]
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 […]
If you make some wise investment decisions (or have just been lucky), you’ll face having to report capital gains and wondering, “what are capital gains.” While capital gains are welcome, surprise is the feeling many people have when they realize the amount of taxes due on a capital gain. So we’ll look at common strategies […]
Indeed, electric vehicles (EVs) are becoming quite popular with those who can afford them, that is. Not only are they quiet, but they emit no carbon dioxide as they run. As a result, many activists and policymakers champion EVs as essential to mitigating the ill effects of climate change. An EV tax credit has been […]
Mortgage tax deductions are one of the most lucrative write-offs available for Airbnb hosts. Today, we’ll show you how you can calculate and claim the valuable mortgage tax deduction. Mortgage Tax Deductions: The Basics Virtually every mortgage borrower can claim deductions relating to their loan. However, you must itemize your deductions to qualify. It’s also […]
Real estate can be a great investment, but it also comes with some risks. Along with the financial risks of rental property, owning real estate may open you up to potential liability. Owning the property through a company can protect your other assets, but does an S-corp for real estate holdings make sense? S-Corps and […]
Do you have an extra bedroom or a granny suite that’s begging to be turned in to a rental? You could rent it as a mixed-use property, also known as shared-use property or dual-use property, to offset your housing expenses. However, mixed-use properties carry special tax rules that affect how you account for income and […]
According to the recent numbers in a Pew Research study, about 16 million people in the U.S. are self-employed. If you are one of them, you already know that building retirement savings is one of the greatest challenges you face. Fortunately, the SEP IRA offers options for building a retirement for the self-employed, so you […]
One of the most important aspects of operating a successful Airbnb is bookkeeping. Proper Airbnb bookkeeping can make a difference in your bottom line and help you operate more efficiently. Let’s explore some bookkeeping solutions for Airbnb that will help make you a successful host. Airbnb Bookkeeping Basics One of the most important considerations for […]
The IRS child tax credit has been a part of the tax code since 1997. This provision allows you to deduct a certain amount of money from your taxable income if you have a qualifying child. This year, the credit was expanded in an effort to help alleviate the financial difficulties caused by the pandemic. […]