The Eric Sheldon CPA, PC Blog
If you own a rental property and incurred a loss during the year, you may be able to deduct your loss as an expense, known
Income losses and expense offsets are used to reduce the tax burden on an individual or company. These can be carried forward or backward, depending
According to these small business statistics, “52.1% of small employer firms in the U.S. are S-corporations.” On the flip side, “81% of the total small
Before deciding on the right business structure, you should first understand the tax implications and the legal protections that are available for new companies. Once
Recently, the IRS and Treasury released two revenue procedures on accounting method changes for small business taxpayers. Rev. Procs. 2022-9 and 2022-14 enable small business taxpayers, not a
Every transaction in the real estate business is a big deal. That is why real estate brokers need to understand the fundamentals of accounting.
If you’ve decided to open your own real estate agency, here are five things you need to know. 1. Weigh the Pros and Cons
With the increased attention cryptocurrencies and other digital assets are getting from consumers, companies and governments, you might be wondering how you account for payments
There are several reasons to create an effective chart of accounts. In business, the goal is to be able to generate good reports to manage
New Schedules K-2 and K-3 (Form 1065) have been created by the IRS to offer standardized reporting of U.S. international tax information. The new formats
Advantages A limited number of employees have access to the control elements within the workflow. For example, in payroll, the person who write the checks
If you’ve been watching any streaming services this winter, they’re filled with scammer stories that seem too outrageous to believe, such as “Inventing Anna,” “The
In the past, Form 8812 automatically calculated what your credits for qualifying children and other dependents should be and applied to your refund or tax
The short answer is Yes. How to accomplish this should be done with a tax advisor and planning it out to maximize the tax strategy.