Did you know that if you are a US citizen and you are earning any income from streaming you might be on the responsible for paying taxes on the donations you receive? Despite their misleading name, donations are not tax free like the kinds of donations you give to a charity. They are taxable income!…
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Effective Management of Business Finances Most small business owners and entrepreneurs juggle every aspect of business management, from administrative tasks to bookkeeping and accounting duties. Many small business owners and entrepreneurs reach a point where managing every task becomes overwhelming and an ineffective use of time. Effective management of business finances is critical for reporting,…
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Unless you have more than $5M in annual revenues (more likely, less than $10M) it will be more cost effective to outsource your bookkeeping and accounting needs. Outsourcing is more flexible, which will allow you to scale your services up or down as your business needs change and you do not have to pay a…
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As you start to invest in more real estate, you might ask yourself, should I setup a bank account for each property? The answer is you will likely want to begin using one account for each property for simplicity. However, you cannot have 10 bank accounts for 10 properties, it is just too much to…
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Working in the entertainment industry is quite the accomplishment but you can’t get caught up in the glory. The industry is very cut throat and having a knowledgeable and trusted Entertainment Accountant is MUST. Whether you work in the film industry as an actor/actress or behind the scenes with videography and photography the growing needs…
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If you are self-employed, your deduction for the business use of your vehicle could reduce your tax bill by thousands of dollars! Tracking your mileage is absolutely necessary whether you use the actual expense method or standard mileage allowance for claiming the deduction. Two Methods for Claiming the Car Deduction: Actual expense method Mileage allowance…
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A self-directed individual retirement account (SDIRA) is an individual retirement account (IRA) in which the investor is in charge of making all the investment decisions. The self-directed IRA provides the investor with greater opportunity for asset diversification outside of traditional stocks, bonds, and mutual funds. Self-directed IRAs can invest in real estate, private market securities…
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Fortunately for investors, there is a way to avoid paying both capital gains and depreciation recapture tax on the profitable sale of any investment property. This is known as a 1031 exchange, which means that if you sell one investment property, but use the proceeds to acquire another, you can defer paying taxes on the…
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