If you exchanged items or services with someone and didn’t use money, you’ve bartered! That means you are required to list the difference in fair market value between what you’ve exchanged as either income or a loss on your tax return. Before you establish the
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If you invest a ton of personal time and effort into your hobby, plus you have multiple customers and keep professional records, your hobby might actually be a business. Turning your hobby into a business means you can deduct qualified business expenses. But that’s only
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Owning a home isn’t for everyone, but there are some great tax benefits for people who do. Building equity is a popular reason why renters decide to become homeowners. Paying a mortgage allows you to build up equity in property that you can realize when
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The price that property would sell for on the open market — fair market value (FMV) — often seems like it’s open to interpretation. Here’s how to defend your FMV determination if it’s questioned.
Deduction opportunities abound for people who know the importance of saving their receipts and keeping proper documentation. Make sure you’re taking the right steps to make qualified deductions during filing season.
Fraud Alerts can be a strong preventative tool, as they allow creditors to be forewarned that a person may be at a heightened risk of identity theft. You may place a fraud alert by using the contact information below.
Have you ever heard of the marriage penalty? It means you could be taxed more as a married couple than you would as single people making the same amount of money. This is because single filers almost always have higher income thresholds when moving to
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How employees handle & dispose of documents can make or break you.
Avoiding bank reporting by manipulating cash transactions is called structuring – and it’s against the law. Know the rules around structuring and how to make sure your business isn’t questioned by the IRS.
If you’re thinking of selling your company, a proper appraisal is a necessary starting point to ensure your business is priced properly and you will be able to attract potential buyers. Read more.
