What to Know If You’re Selling Your Home This Year

Tax Deductions for homeowners

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to remember if you sell your home this year. Exclusion of Gain. You may be able to exclude part or all of the gain from the […]

Choosing a Legal Entity for your Business

Advantages of LLC Structure for a Small Business

If you’ve decided to start a business, one of the most important decisions you’ll need to make is choosing a legal entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face. Even if you’ve […]

Tax Return Tips for Last-Minute Filers

Homeowner Records

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you’ve been procrastinating on filing your tax return this year, here are eight […]

What To Know About the Gig Economy and Your Taxes

gig worker

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses, including two of the most popular ones: […]

Tax Breaks for Taxpayers Who Itemize

Lending Money to a Friend?

Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here’s what to […]

Three Tips for Getting an Accurate Business Valuation

business valuation meeting

If you’re conscientious about financial reporting, you may already have a sense of your company’s worth, but in some instances, you might need a formal business valuation, such as: Certain transactions: Are you selling your business? Planning an IPO? Need financing? Tax purposes: This includes estate planning, stock option distribution, and S Corporation conversions. Litigation: […]

Working Remotely Could Affect Your Taxes

work remote

When COVID-19 struck, many employers quickly switched to a work-from-home model for their employees. Many of them began working in a state other than where their office was located. While some workers have returned to their offices, as the pandemic drags on, more offices continue to work remotely with no back-to-office dates in sight. If […]

Why Using the Correct Filing Status Matters

Homeowner Records

As taxpayers get ready for the upcoming filing season, one needs to know their correct filing status. A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file […]