Article Highlights: Seriously Delinquent Tax Debt Exceptions Passport Denial or Revocation A lot of people get into tax debt at some point in their lives. While it's unfortunate, the majority of people who find themselves in debt work hard to repay it in a quick amount of time. If you're currently in tax debt then [...]
Building a business is a process that requires careful attention to many individual points, all with the goal of increasing customers, improving products, and building profit. That's why it might be a good idea to check out something like this https://www.whitehat-seo.co.uk/, as this is a marketing agency that can help your business grow. There are [...]
Article Highlights: Sec 199A Deduction Qualified Business Income Threshold Specified Service Businesses Limitations Wage Limit Aggregating Amounts Note: The is one of a series of articles explaining how the various tax changes in the GOP's Tax Cuts & Jobs Act (referred to as "the Act" in this article), which passed in late December of 2017, [...]
Article Highlights: Tax Trap Traditional IRA Roth IRA Traditional to Roth Conversions Undoing a Conversion Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect [...]
Congratulations! You've decided to dive into the exciting world of entrepreneurship and bring that great business idea to life. Whether you're opening a local brick-and-mortar business that your community needs, looking to grow rapidly in the next few years and get an investor, or just keep things small and solo, certain steps come next that [...]
Article Highlights: IRA Contribution Limits Compensation Active Participation Traditional IRA AGI Phaseouts Nondeductible Contributions Spousal IRA Roth IRA Back Door Roth IRA Penalties Rollovers Conversions Required Minimum Distributions The individual retirement account (IRA) is one of the favored ways to save money for retirement. There are two types of IRAs: the traditional IRA and the [...]
Does your accounting to-do list look like a clean slate, or are critical 2017 tasks still nagging? Getting all of your accounting tasks done in December is always a challenge. Besides the vacation time you and your employees probably took for the holidays, there are those year-end, Let’s-wrap-it-up-by-December-31 projects. How did you do last month? [...]
Article Highlights: Schedule C vs. Schedule E Rentals of Less Than15 Days Rentals of 7 Days or Less Rentals of 8 to 30 Days Exception to the 30-Day Rule If you are among the many taxpayers renting your first or second home using rental agents or online rental services that match property owners with prospective [...]
Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Records If you sold your home last year, or if you are thinking about selling it, you should be aware of the many tax-related issues that could apply to [...]
Article Highlights: Depreciation Materials & Supplies De Minimis Safe Harbor Expensing Routine Maintenance Unlimited Expensing Bonus Depreciation Sec 179 Expensing Mixing Methods From time to time, an owner of a small business will purchase equipment, office furnishings, vehicles, computer systems and other items for use in the business, having checked out reviews on sites like [...]
