Real estate agents often enjoy the benefits of a flexible schedule, unlimited earning potential, and the satisfaction of helping clients through some of life’s biggest transitions. But with those perks comes a complex tax landscape. Whether you’re a seasoned professional or just starting your career, understanding how to minimize your tax burden can significantly boost […]
Depreciation Schedules for Business Assets
Depreciation is a common accounting method used by businesses to allocate the cost of their assets over time. To effectively manage their finances and make informed decisions, businesses employ depreciation schedules. In this article, we will explore what depreciation schedules are, why they are essential for businesses, and how to create and utilize them effectively. […]
What is a SEP IRA?
A Simplified Employee Pension Individual Retirement Account, commonly known as a SEP IRA, is a retirement savings plan designed for self-employed individuals and small business owners. This article explores what SEP IRAs are and the tax implications associated with them. What is a SEP IRA? A SEP IRA is a type of retirement plan that […]
Zelle and Taxes: Does Zelle Report to the IRS?
Understanding how Zelle affects your taxes is crucial. This is especially true if you’re using the platform to receive payments for business, freelance, or gig work. With 1099-K reporting thresholds dropping in recent years, many wonder does Zelle report to the IRS? While many assume Zelle flies under the IRS’s radar, the reality is more […]
How to Spot a Fake IRS Letter or Phone Call
Each year, thousands of taxpayers fall victim to scams impersonating the IRS. These scams come in the form of letters, phone calls, emails, and even text messages, and they’re designed to exploit fear and confusion, especially during tax season. Knowing how the IRS actually communicates with taxpayers is your best defense against fraud. This guide […]
Filing Taxes During Divorce: A Complete Guide
Going through a divorce is a major life transition, and it comes with a series of financial and legal decisions that can impact your future. One of the most complex aspects to navigate is how to handle your taxes while your divorce is still pending. Filing taxes during divorce requires a clear understanding of IRS […]
Tax Strategies for Seasonal Businesses
Running a seasonal business presents unique challenges and opportunities when it comes to taxes. Unlike year-round businesses, seasonal operations may generate the majority of their income in just a few months. However, this doesn’t stop them from still facing tax obligations throughout the year. Whether you’re operating a snow removal service in winter, a landscaping […]
Tax Differences Between Short-Term and Long-Term Rentals
The taxation of long-term and short-term rentals can differ significantly. These differences are primarily driven by the distinct nature of these rental arrangements and the objectives of tax authorities. Here’s an overview of the key differences in how long-term and short-term rentals are taxed. The 14-Day Rule Under the 14-day rule, if you rent […]
Can I Claim the Sales Tax Deduction?
If you ever itemize your deductions, you might’ve come across the sales tax deduction. This is part of the Sales and Local Tax (SALT) deduction and allows you to deduct state and local sales tax paid during the year, or state and local income tax paid during the year, from your federal taxable income. By […]
What is Alternative Minimum Tax?
As taxpayers, we are accustomed to navigating the complex web of tax laws and regulations. One aspect that often takes individuals and businesses by surprise is the Alternative Minimum Tax (AMT). The AMT was originally designed to ensure that high-income individuals paid their fair share of taxes. However, it has evolved over the years, ensnaring […]