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
When you run two businesses with the sole proprietorship tax status, the IRS requires you to report each corporation's income and expenses separately. This means that your personal...
Posted by Pat Raskob on 10/07/2022
You must know by now that you most likely have pytrol taxes when you start running a business. It doesn’t come as a surprise that the internal revenue service has strengthened...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/31/2022
Generally, tax deductions are expenditures that business owners can subtract from their taxable income. It is economical as it saves cost by reducing the tax amount you need to pay.Most...
Posted by Pat Raskob on 03/31/2022
Marijuana stocks are becoming increasingly popular as more states are legalizing the use of the drugs for medical and recreational purposes. Now you can even invest in marijuana stocks...
Many economists analyze the economic policies of the Biden administration and conclude that inflation is an almost forgone conclusion. Regardless, we are already seeing an increase...
Posted by Pat Raskob on 06/25/2021
You must be a U.S. citizen, lawful permanent resident (green card holder), or pass the "substantial presence" test to be recognized as a U.S. resident for tax purposes. Some...
The constructive receipt is a tax concept based on which it is assumed that a taxpayer has received income, even though the income has not yet been physically received, which must...
Your basis in a business asset is essentially the cost of that asset. The term applies to all types of assets held by your business, including real estate, land, equipment, and investments...