Real estate has long been considered one of the greatest long-term investments. Further, with the trend of minimalist living, many are turning their primary residences into rental properties. While converting your home to a rental property comes with passive income and tax benefits, it’s important to note the tax implications as well. Benefits of Converting […]
Biden Announces Student Loan Forgiveness Plan
President Biden has announced his three-part student loan forgiveness plan that aims to provide relief to student loan borrowers, especially those belonging to low– and mid-income levels. Part I: Student Loan Forgiveness for Eligible Borrowers Borrowers with individual incomes less than $125,000, or $250,000 for married couples, are eligible for student loan forgiveness up to […]
Inflation Reduction Act Part IV: More Audits, More Tax Collection
We know that an increased budget for enforcement will lead to more audits. More audits mean more tax collection. The question that remains to be answered is exactly how much federal tax revenue the IRS expects to collect with the new Inflation Reduction Act. How much taxes will be collected with the Inflation Reduction Act? […]
Inflation Reduction Act Part III: More Auditors, More Audits
More than half of the $80 billion Inflation Reduction Act will be spent on IRS enforcement. This specifically means collecting back taxes, conducting criminal investigations, monitoring digital assets, obtaining legal support and hiring thousands of new IRS auditors. How many auditors will the IRS hire? The IRS is looking to hire nearly 87,000 employees over the […]
Types of Loans for Small Businesses
Small business loans can be helpful and sometimes necessary in order to continue or expand a business. There are several types of loans available to small businesses, each with their own sets of pros and cons. Term Loans One of the most common types of loans for small businesses, a term loan is a lump […]