Your CPA is your number one resource for filing your taxes, but there are some things they cannot do (we know, hard to believe!). The IRS protects your privacy and limits what CPAs can do after they’ve filed your taxes.
CPAs are different than accountants. While CPAs are always accountants, it’s not always the other way around. CPAs go through continuing education, are licensed by a governing body, and monitored to ensure they follow all codes of conduct.
Tax time is almost upon us again, meaning it’s time to look at your finances and see where you can intentionally spend money before the year ends to lower your taxes come April 15th.
It might sound crazy to spend money to lower your taxes, but it’s a great strategy for business owners. Here are five simple ways you can reduce your tax liability this year.
Running a small business requires business owners to handle many tasks, and often budgeting gets put on the back burner. However, it is one of your most important tasks as a business owner. Unfortunately, many business owners avoid budgeting because they don’t understand it.
Most of this misunderstanding comes down to small business owners’ most common budgeting errors. Here are the top small business budgeting errors you should avoid to make budgeting easier.
Did you know if you earn rental income from a property you own and rent out, you might be eligible for certain tax deductions? The deductions must be for necessary and ordinary expenses to own and maintain the property.
Here are 5 of the most common rental tax deductions you might be able to take.
Cryptocurrencies have been increasing in popularity, and we are seeing more and more questions about how they are taxed. In this blog post, we will take a brief look at the current state of cryptocurrency taxation in the United States. We will answer some common questions about how taxes work for digital currency transactions and provide some tips on how to stay compliant with the tax law.
If you use a part of your home exclusively as your home office, you might be able to write off the expenses on your tax returns up to $10,000 if you don’t show a loss. You don’t have to live in a specific type of home and the deduction applies to both homeowners and renters.
The Tax Cuts and Jobs Act made it a lot easier for self-employed taxpayers to deduct their home office expenses. It doesn’t cause the red flag most people assumed, and it typically doesn’t cause more issues when you sell the home.
Here’s what you must know about deducting your home office expenses.
Are you Self-Employed? Here’s what you can deduct. Almost every day, one of my clients will ask whether a certain expense is deductible for their business. In general, most expenses that are reasonable and necessary to the operation of your business will be deductible. Let’s take a look at some common expense categories that all […]