Tax laws are passed by Congress, tax revenues are then collected by the Treasury Department, and the reporting and collection process is done by the International Revenue Service (IRS)....
Posted by Flynn Financial Group Inc on 08/23/2019
Individuals are able to invest in large-scale, income-producing real estate through real estate investment trusts or REITs. It’s a company that owns and usually operates income-producing...
Business losses reduce taxable income and many good freelance businesses incur losses which is somewhat a good thing since it means you pay less in taxes. A business loss could mean...
Posted by CONTINENTAL TAX AND ACCOUNTING SERVICES on 07/26/2019
There is no hard-and-fast method for differentiating between a hobby and a real business based on a tax return. There is no way to tell a business from a hobby except by the use of...
Posted by Elliot Kravitz, ATP on 07/25/2019
Real estate investment trusts (“REITs”) permit persons to invest in large-scale, income-producing real estate. Real estate investment trust (REIT) is an organization that...
What is the common Stock?Common stock is a type of share capital issued by a corporation or entity. Buyers of common shares are called shareholders.Ownership EquityCommon stocks are...
Posted by Roland Zita, CPA on 05/30/2019
If you are a Canadian and own a small business in your home, then you may wish to pay a lower amount of tax and may look for opportunities to claim tax write-offs. You can easily assume...
Posted by The Accounting and Tax on 05/27/2019
When it comes to tax treatment, there is a difference between unreimbursed business expenses for partners and S corporation shareholders. Also known as ordinary and necessary expenses,...
Posted by Elliot Kravitz, ATP on 04/17/2019
The sale of a business involves the selling of separate assets. These assets are the property held by the company that is primarily used for investments and for the usual useful business...
Posted by J.R.'S TAX SERVICE on 04/03/2019