If you’re an American taxpayer, the IRS has a file on you. The IRS tracks tax payments, income, deductions, and other important tax information. If you ever find yourself in need of this information, you can ask the IRS to send you a tax transcript that details all the information they have on file. If […]
Category: Legal
Choosing an Entity that Fits Your Business Structure
Most businesses start out as a simple sole proprietorship. However, if your business is successful, you will probably start looking rethinking your business structure relatively soon. Sole props are fine in the beginning but, as you grow, you run a greater risk of tax complications and liability concerns. Most importantly, organizing your small business into […]
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 some effort. These changes are called “book to tax adjustments” and they’re complicated. However, you can learn how […]
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 for a loan, and it also plays a factor in determining […]
Should You Put Your Rental Property in a Trust?
Life is short. Although thinking about the what happens when you or loved ones pass away, forcing yourself to do it ahead of time will make things much easier for your loved ones when it comes dealing with your finances and assets. It is the responsible thing to do. With home sharers who own property, one of the most common questions we get is whether a trust is a valuable vehicle for asset protection and estate planning. Putting your home in a trust offers a number of benefits, […] […]
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 traders, and now the IRS is beginning to ratchet […]
Unemployment Benefits for Freelancers and 1099 Contractors
With everything that has been going on for the last several weeks, most if not all people are feeling the economic pressure brought on by the coronavirus. With so many people out of work, and so many businesses forced to close, unemployment offices are seeing an influx of applicants. As a means to counteract some […]
Are Credit Card Rewards Taxable?
Many lenders offer credit card rewards as an incentive to attract customers. These bonus goodies come in the form of cash, account credits, airline “miles”, and much more. Previously, only the most exclusive credit cards offered rewards, but now almost every major card offers some form of bonus program. Getting rewarded for spending is a […]
How to Access Coronavirus Relief Loans
The coronavirus outbreak brought the U.S. economy to a grinding halt, and the resultant economic fallout devastated the small business community. However, the government recently approved billions in funding to support small businesses, so there are tons of resources available for qualified businesses. The government wants to give you this money, but you need to […]
Government Waives Student Loan Interest: What You Need to Know
The coronavirus has had a major impact on people’s livelihoods. Americans need all the help they can get during this difficult time. In response to the pandemic, President Trump suspended student loan interest on all federally held student loans. Keep reading to learn everything you need to know about the changes. State of Emergency The […]