In December 2017, tax Cuts and job cuts were enacted in the United States by the department of revenue. This resulted in a change in the direction employers take to determine the amount of income tax that is to be deducted from your salary. Many Americans did not know that the W-4 forms required an
The Paradox of the Pandemic: Savings Increase During Economic Downturn
Unexpectedly, amongst a jarring amount of job losses and shuttered small businesses, many Americans have spent the past several months of the coronavirus pandemic improving their own personal finances by saving more money or paying off lingering debt. Almost half of Americans have managed to
What You Should Know Before Filing Doubt As To Liability
Let me set the stage for you. It's a Thursday, the week's almost done, you're about a third of the way through the month, you're already making your weekend plans (a combination of chores and recreational activities), when suddenly, you remember you haven't checked your mailbox since Monday. Of
Missed the Deadline? What to Know if You’re Filing Your Taxes Late
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
Everything You Need To Know About HOA Fees and Schedule E Form
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
Rental Property Owners Hurting From Self-Quarantine
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
Accumulated Depreciation vs Depreciation Expense
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
How Is Accounting Changing Due To Coronavirus?
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