Tax season can be a daunting time for business owners. Still, with a solid understanding of business accounting, you can navigate the complexities of taxation more efficiently and...
Posted by Rosovich & Associates, Inc. on 10/10/2023
The sixth day of January 2021 was the day the Treasury Department and Internal Revenue Service (IRS) decided to bring the IRC Section 451 regulation to a conclusion. However, the decision...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 02/17/2023
It's quite simple: to pay your tax bill, you need to know the number of your accumulated gains or losses. Below, we'll explain how to calculate your cryptocurrency gains, so...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/31/2022
When you run a small business, you have two costs: fixed costs and variable costs.Fixed costs don't change based on how much product you make and sell, but variable costs do.A...
Posted by Taxes Made EZ Inc on 01/27/2022
A cannabis business can typically expect a series of scrutiny from the IRS that will want to penalize them if they are not compliant. Here are tips that can help your marijuana business...
If you own a rental property, you should know your federal tax obligations. All rental income needs to be reported on your tax return, and the associated expenses can generally be...
Bad debts arise because money was loaned to a debtor or a customer received credit for purchasing a product or service, but the recipient could not fully or partially repay the debt....
Under the cash method of accounting, not only is income recorded in the year in which it was received, but income is also reported in the year in which it is constructively received.The...
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...