Tag: taxes

outsourcing bookkeeping and accounting services

When should you consider outsourcing bookkeeping and accounting services?

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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Qualifying as a Real Estate Professional and Deducting Passive Losses

Qualifying as a Real Estate Professional and Deducting Passive Losses

Deducting Passive Losses A taxpayer can overcome the presumption that all rental activities are passive if the taxpayer qualifies as a real estate professional by satisfying the two tests of Sec. 469(c)(7)(B): More than one-half of the personal services performed in trades or businesses by you during the tax year are performed in real property…
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