Starting a small business can be an exciting endeavor. However, it can also be overwhelming, particularly when it comes to finances. One of the biggest financial challenges that small businesses… Read More »What Small Businesses Starters Should Be Aware of When Considering Debts, Leases and Rents
As a business owner, you are likely familiar with the concept of depreciation. Depreciation is a tax-deductible expense that allows businesses to spread out the cost of purchasing and owning… Read More »What is Bonus Depreciation and Section 179 Depreciation?
QuickBooks Online (QBO) Payroll is a cloud-based payroll processing software designed for small businesses. If you are just now starting to run payroll or are considering switching from another 3rd… Read More »Pros and Cons of Using QuickBooks Online Payroll
How to create a budget during time of uncertainty.
For many business owners, managing accounting tasks can be a significant source of stress.
An S Corporation is a type of business structure that combines the benefits of a corporation and a partnership. S Corporations have become popular among small business owners due to the tax and liability advantages they offer. In this blog, we will explore the pros and cons of forming an S Corporation.
In August 2022, congress added new tax provisions to the Inflation Reduction Act, that are designed to address health care, fight climate change, and reduce the country’s deficit. These new… Read More »The Inflation Reduction Act
In 2018, the Supreme Court overruled the previous ruling that states can only require sellers to collect tax when they have a physical presence in the state. Now, states can… Read More »Economic Nexus
When all the partners don’t agree on what to do with the proceeds from the sale of real property, executing a “drop and swap” allows real estate investors to “drop”… Read More »Defer Taxes with a Drop and Swap on Your 1031 Property
Income falls into three buckets Active Income (wages, business where the taxpayer is materially participating, etc.) Passive Income There are two kinds of passive activities. 1. Trade or business activities… Read More »Active or Passive? That is the question…