Do You Get Caught up in the Flurry of Black Friday and Cyber Monday or Are Your Looking at Your Long Term Future? In my early 20’s when I had nothing, absolutely… yes, I was all caught up with the Black Friday sales. Rising up at 4:00 a.m. so I could be at the store …
Today is the last day for filing your tax returns timely! Filing taxes can be a daunting task, and no one wants to be assessed penalties or have a hefty balance due. After working with my client’s this year and in preparation for next year it’s time to get proactive with your taxes. With careful …
Record-keeping is an essential aspect of managing your finances effectively. Whether you’re a business owner or an individual investor, maintaining accurate records is crucial for various reasons, including tax purposes. One area where meticulous record-keeping is particularly important is in determining the basis of your assets. Basis refers to the value assigned to an asset …
Many individuals often overlook the importance of estate planning, especially when it comes to real estate assets. However, establishing a living trust can be a strategic move for tax planning, even at a young age. Contrary to popular belief, the benefits of a living trust extend far beyond just avoiding probate; it can also significantly …
In the realm of real estate investing, maximizing tax benefits is often a top priority for savvy investors. One valuable strategy that can unlock significant tax advantages is claiming the Real Estate Professional designation. This designation, recognized by the Internal Revenue Service (IRS), offers unique tax benefits that can help real estate professionals save money …
In the ever-evolving landscape of business management, one crucial aspect that often gets overlooked is tax efficiency. Yet, optimizing your tax strategy with timely and proper planning can significantly impact your bottom line and overall financial health. Whether you’re a small startup or a well-established enterprise, understanding what to look for in your business to …
Embarking on the entrepreneurial journey by forming your Limited Liability Company (LLC) is a commendable achievement. As you venture into the business world, it’s crucial to recognize that one size doesn’t fit all when it comes to understanding the tax ramifications of your LLC. Just as your business is unique, so are your finances. In …
As we head into the first quarter for your business, accurate and organized financial records serve as the backbone of a thriving enterprise. Whether you’re a small business owner or the head of a multinational corporation, maintaining meticulous bookkeeping records is not just a mundane task—it’s a strategic necessity. In this article, we’ll delve into …
In the bustling world of small businesses, where entrepreneurs juggle multiple responsibilities, keeping accurate and up-to-date accounting records often takes a back seat either because of cost or lack of knowledge. However, the repercussions of neglecting this crucial aspect can be significant. From the additional cost of paying too much in taxes to lost opportunities. …
A Holistic Approach to Tracking Income, Staying Organized, and Embracing Digital Efficiency In the world of holistic practices, where mindfulness and balance are paramount, extending these principles to your financial recordkeeping can significantly contribute to the well-being of your business. Let’s explore the importance of tracking income and expenses, staying organized for tax season, and …
The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of …
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