If you’re a real estate investor – or interested in the industry – you understand the lucrative nature of property investments. Buying and selling real estate can generate valuable portfolios. However, property transactions also drive a large tax bill. Real estate investors can save money by taking advantage of 1031 exchanges. The IRS allows taxpayers […]
The business status of “self-employed” and “small business ownership” are sometimes used interchangeably and usually indicate you’re your own boss. While certain aspects, such as business model or eligible tax deductions, intersect, they are separate types of entities from a tax standpoint. Use this blog to determine what each status indicates and their tax implications […]
When you started your business, you probably weren’t thinking about full-time employees, tax bills and tax brackets, business expenses, or working with CPA tax professionals during tax season. Tax credits weren’t on your mind, either, which is understandable. But now that you’re up and running, it’s important to learn which credits your business is eligible […]
Hiring your first employee is an exciting milestone. Expanding your team allows you to offload administrative tasks and focus on your business growth. This article will help you determine when you should hire your first employee. We’ll also explain the steps you should complete before hiring, during your candidate search, and for employee onboarding. 1-800Accountant […]
If you’re an entrepreneur who operates solely from a home office, you can take advantage of home-based business tax deductions. In addition to your operational expenses, you may be eligible for a home office deduction. The incentive benefits self-employed taxpayers who dedicate part of their home to running their business. Keep reading to learn about […]
As a small business owner, you know that you need an accountant to help with various aspects of your business. But you’re also concerned about the cost. In fact, that’s why you’re in the position you’re in now – you don’t spend money without first doing research to make sure you’re getting great value in […]
Watching your business grow is thrilling – you finally see the results of your hard work. Unfortunately, the more your business grows, the more time your bookkeeping takes. You might spend hours categorizing transactions, chasing receipts, and compiling reports. Perhaps you dread filing tax returns because of your unorganized spreadsheets. Accurate bookkeeping is essential to […]
Though the chances are slim, an Internal Revenue Service (IRS) audit can happen to any small business owner for any reason. Sometimes, they’re triggered by a common mistake or unusual reporting on your income tax return. Other times, they’re entirely random or connected to a related examination. While receiving an IRS audit notice isn’t pleasant, […]
You can scale your small business by hiring employees to manage day-to-day operations while you grow your business. However, as your team grows, so will your payroll burden. A payroll compliance checklist can help your business stay compliant. Why is a payroll checklist important? A thorough payroll compliance checklist (like the one covered in this […]
Property management can be a lucrative profession, but it’s not without its challenges. Landlords must juggle several responsibilities, which include interviewing prospective tenants, managing a diversity of tenant-related issues, and maintaining property quality. With all of that to address, it’s understandable that income taxes and deductions for rental properties may not be top of mind […]
