So You Want to Start a Business…

So You Want to Start a Business…

Congratulations! You’re about to embark on an exciting journey filled with endless possibilities. Starting your own business can be incredibly rewarding, but it also comes with a lot of responsibility.  Don’t let what you don’t know hold you back!...
Pay attention to the tax rules if you turn a hobby into a business

Pay attention to the tax rules if you turn a hobby into a business

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax...
Oops! Do I Need to File an Amended Return?

Oops! Do I Need to File an Amended Return?

We all make mistakes. Even the most careful people can slip up when it comes to tax season. The forms are complicated, and sometimes you forget things. But what happens if you realize you made a mistake on your taxes after you’ve already filed your return?...
The pros and cons of turning your home into a rental

The pros and cons of turning your home into a rental

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487 and $1,847, respectively, according to the latest Zumper National Rent Report. In some parts...
Coordinating Sec. 179 tax deductions with bonus depreciation

Coordinating Sec. 179 tax deductions with bonus depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions....
How renting out a vacation property will affect your taxes

How renting out a vacation property will affect your taxes

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The...