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When you renovate a home, the IRS normally doesn't regard the improvements a deductible expenditure. Still, it is true, that updates or renovations can be used in various ways to decrease your taxes.Let’s take a look at the options. First, there is the mortgage on your home.Making home

You might be wondering whether or not you're about to face federal penalties for failing to file your tax returns by the due date. If that's the case, A) you should contact our CPAs right away, but B) don't panic. Here's some of the facts you should to know.First, penalties apply if you owe any

Contract law is continually evolving in order for the courts to get at purpose and intent of supposed contracts. Substantial agreement must exist and the parties must have freely intended to be legally bound.For example, if a client tells your business partner "if you redesign my site, I'll

Are you a property owner earning rental income and wondering how to file your rental taxes? Well, filing Schedule E form and understanding what to file is a broad topic, but we’ll narrow it down for you.What is the Schedule E form?Schedule E form is a part of IRS form 1040 used to report

Ever since it made its presence known in the U.S., the novel coronavirus (COVID-19) pandemic has disrupted life as we know it. Due to the outbreak, several industries have ground to a halt, while others are barely hanging on by a thread.One of the segments hit the hardest by the pandemic is

You must report all your rental income on your tax return. From there, the expenses incurred during the period can be deducted from the rental income. As a cash-based taxpayer, you report any yearly rental income, regardless of when you receive it.What Does The IRS Consider for Rental

Accumulated depreciation is the sum of all depreciation expenses on a company’s assets (sum of the value that assets lose since they start operation). On the other hand, depreciation expense is the degree (in value) to which a machinery, equipment, or tool depreciates over the period of time (say a

The coronavirus pandemic has hit brick and mortar businesses hard. Millions of people have lost their incomes and companies. Meanwhile, the accounting industry is busier than ever with rapidly changing incomes and an extended tax date, however accountants are making major changes to the ways that