QBI, also known as qualified business income deduction is a form of tax deduction that allows business owners and qualified self-employed people to deduct as much as 20% out of their...
What is a private activity bond (PAB)?PABs are tax-exempt bonds distributed by or on behalf of a state or local authority to provide special financial benefits for eligible projects....
The filing status of a taxpayer depends on individual circumstances. Are you married or single? Do you have dependents? Identifying the correct filing condition is essential, as it...
What is an Accounting Method?An accounting method refers to the rules that a business follows when reporting income and expenses. The two main accounting methods are accrual accounting...
529 state-run plans have always had tax benefits, but recent federal tax law changes have made them even more attractive to many families. Here's what you need to know to get the...
Ready or not, the tax return changed again during the 2020 tax season. In 2018, the IRS significantly reduced the Form 1040, completely revising the previous traditional version and...
Many companies do not earn money, especially during the first year of operation. When this happens, the IRS offers entrepreneurs tax benefits in the form of a net operating loss (NOL)....
Posted by David Macgregor on 02/27/2020
The Internal Revenue Service (IRS) expects that all income be reported on a tax return and, if not, can result in fines and sometimes penalties. However, most fines can be suspended...
Posted by Larry Hurt on 02/25/2020
Lending money to a family member (or borrowing from a family member) may seem like a good idea: the borrower gets easy approval, and any interest paid is left to the family rather...
Posted by Valderas Financial Solutions LLC on 11/12/2019