Not many people enjoy having to crunch the numbers during tax time, but it’s something everyone has to do eventually. If you want to make this process go a little more smoothly, doing a bit of tax preparation before you begin can go a long way toward eliminating any future headaches. Here are some tips to keep in mind as you work to finalize the tax return for last year or your last financial quarter. Read More»
Understanding the ins and outs of property management accounting isn’t always easy. After all, there’s a lot to keep track of when it comes to managing income, expenses, and taxes for rental properties. Luckily, understanding the unique aspects of property management accounting will make this process much more manageable. Here are three unique aspects of property management accounting that you should be aware of. Income Tracking Proper accounting often requires tracking rental income and payments. Read More»
With more and more Americans turning both hobbies and new pursuits into side businesses, understanding the IRS rules for hobby vs. business ventures is more important than ever. Can your side gig pass muster if the IRS asks for more information? Here are five ways that an accountant can help you ensure that it does. 1. Determine If You Made a Profit The easiest way to convince the IRS that your side gig is really a business is to turn a profit. Read More»