Author: taxsecretsblog

From Homeless to Hero: The John Paul DeJoria Story According to one recent study, there are more than 500,000 people living in homelessness in the United States as of 2022. If you needed a single statistic to underline what a significant issue this really is,

Article Highlights: When to seek professional assistance Examples of times where tax saving moves can be made Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised

Where are plenty of advantages to being your own boss, but that doesn’t mean that every decision is easy or straightforward. One of the first things you’ll have to decide is the type of business structure that is best for your situation. While selecting “sole

Are you familiar with 401(k) retirement funds? More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Not only do

Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your

Article Highlights: Home never rented Home rented for fewer than 15 days Home rented for at least 15 days with minor personal use Home rented for at least 15 days with major personal use Vacation home sales If you have a second home in a

If you own or manage an auto repair shop, then accounting and bookkeeping are likely pretty low on your list of favorite past times. Unfortunately, tracking revenue and expenses and other financial aspects of your business is absolutely essential to your success. Though you’d rather

Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expenses Expense Write-off Limitations How to Make the Election Other Considerations Unfortunately, as a result of the COVID pandemic many small firms have gone

There's an old saying that reminds us "if you fail to plan, you plan to fail." Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren't just an important part of

To say that there is a lot going on in the world right now is truly a bit of an understatement. Starting a few years ago with the onset of the still ongoing COVID-19 pandemic, the role of the accounting professionals in the context of