Key Takeaways: Capital gains tax hits when you sell real estate for more than the original purchase price plus improvements. The IRS taxes short-term gains at ordinary income rates (up to 37%) for properties held under one year, while long-term gains (on properties held over a year) get taxed at 0%, 15%, or 20% based …
How To Avoid or Reduce The Capital Gains Tax On Real Estate Read More »
Key Takeaways: Delaware has long been the preferred state for those looking to incorporate. Not only are Delaware’s policies conducive to business growth, but the state also houses a court (the Delaware Court of Chancery) that exclusively handles business and corporate disputes. Incorporating in Delaware affects how your company is taxed, governed, and perceived by …
Key Takeaways: If you’ve paid income taxes to a foreign country, the IRS lets you reduce your U.S. tax bill through the Foreign Tax Credit. This credit, which is claimed using Form 1116, prevents you from paying tax twice on the same income. Many taxpayers qualify without realizing it, especially those earning foreign wages, dividends, …
How to Fill Out IRS Tax Form 1116 and Claim the Foreign Tax Credit Read More »
Key Takeaways: Running a business means paying close attention to the numbers. While revenue shows how much money comes in, it doesn’t tell the whole story. You also want to stay on top of how much stays after you cover the costs of producing your goods or services. Gross margin fills that knowledge gap by …
Key Takeaways: If you live and work outside the United States, you may not have to pay U.S. taxes on all of your income. The IRS allows you to exclude a portion of your foreign wages or self-employment income by filing Form 2555. This document, which you use to claim the Foreign Earned Income Exclusion …
How To Fill Out IRS Form 2555 For The Foreign Earned Income Exclusion Read More »
Key Takeaways: Shopify is an e-commerce platform that makes it easier for individuals and businesses to create and manage their own online stores. It offers a range of services, including website creation, payment processing, inventory management, and customer engagement tools, all of which cater to both online and in-person sales channels. As of 2026, Shopify …
The Complete Sales Tax Guide for Shopify Sellers Read More »
Key Takeaways: As a real estate agent, you’re constantly working to grow your business and serve your clients. However, many agents miss out on valuable tax deductions that could save them thousands of dollars each year. For example, you might be surprised to learn that the IRS permits deductions for everything from your car expenses …
The Top 78 Tax Deductions For Real Estate Agents Read More »
Key Takeaways: Every dollar counts when you run a small business. Revenue, expenses, and margins are all tracked closely. However, one area that often surprises business owners is how much they end up paying in taxes. When you’re self-employed, managing a small team, or operating across multiple states, understanding your tax obligation is key to …
Key Takeaways: Expanding your business is a major milestone that’s worth celebrating. But to make the most of this opportunity, you’ll want to choose the right structure, which can impact your tax obligations, legal liability, financial reporting, and operational control. Whether you’re a U.S. company expanding internationally or a foreign business entering the American market, …
Branch vs. Subsidiary: Which Is Right For Your Company? Read More »
Key Takeaways: Millions of Americans prepare their own tax returns, but there are times when getting professional tax help makes sense. Perhaps you invested in stocks, started your own contracting business, or made a bundle with cryptocurrency. When you have multiple income sources or complex holdings, a CPA can help you make sure your taxes …
What Is the Average Cost of Tax Preparation by a CPA? Read More »
