With the current global economy, many individuals and businesses are engaging in foreign exchange transactions. Whether it is buying or selling goods, services, or investments, it is important to understand how to properly report foreign exchange gains and losses on tax returns. Report Foreign Exchange Gains and Losses Foreign exchange gains and losses are reported… Continue reading Reporting Foreign Exchange Gains and Losses
Flipping houses is a great way to turn a profit, but the tax implications of a successful flip can be substantial. Fortunately, there are some legal ways to avoid paying taxes on a flip house. Understanding the tax code and utilizing certain strategies can help reduce the tax burden associated with selling a flipped property.… Continue reading How to Legally Avoid Paying Taxes on a Flip House
ACCOUNTING METHODS-Cash or Accrual? When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method. Cash Method If you are looking for simplicity, the cash method is probably your best accounting choice. Generally, income and… Continue reading Accounting Methods-Cash & Accrual
Receiving that dreadful letter from the IRS can be quite scary. This article will provide you with some helpful tips. Oh no! You need tax audit advice. You just received in the mail a notification that you are going to be audited by the IRS. What now? How do you respond to this and should… Continue reading Need Tax Audit Advice?
Many people don’t even realize that the 1099-C Cancellation of Debt form exits. So, it can be a surprise to receive one. Let’s discuss briefly at Form 1099-C, what you should do when you acquire a 1099-C and how you can find whether your debt is kept out of debt agreement taxes. What is a 1099-C form?… Continue reading Everything to know about 1099-C Cancellation of Debt
A fleet should follow various policies and guidelines that regulate the roadways to continue the business. The majority of carriers assign compliance to their fleet operators. It covers licensing, USDOT registration, following-hour shifts standards, material laws, and most importantly the International Fuel Tax Agreement (IFTA). This article will shed light on all aspects of IFTA and… Continue reading Everything You Need to Know About IFTA
Welcome to the topic 10 Tax Deductions for Seniors You Might Not Know About. The Internal Revenue Service (IRS) provides a variety of tax incentives for seniors, like deductions and credits. You or a loved one may be qualified for even additional benefits at the state level. The top ten senior tax deductions, as well… Continue reading 10 Tax Deductions for Seniors You Might Not Know About