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What Are After Tax Contributions?

What Are After Tax Contributions?

The phrase "after-tax contributions" about retirement accounts can often be confusing. This article will discuss some of the common aspects of after-tax contributions. You might find it easier to understand the phrase if you think of after-tax contributions as...

Accounting Methods – Cash vs Accrual

Accounting Methods – Cash vs Accrual

When starting a business, you have to determine the method for accounting and paying taxes. The two choices are the cash method and the accrual method. Cash Method The cash method is probably your best accounting choice if you look for simplicity. Generally, income...

Getting Information To File Your Taxes

Getting Information To File Your Taxes

The Federal, State, and local governments have established many publications to help taxpayers learn about the tax system. Businesses need access to various tax services to perform daily business operations, and these publications will teach small business owners how...

Do You Need A CPA For Your Taxes?

Do You Need A CPA For Your Taxes?

Suppose you're not sure whether you have a simple tax return. In that case, you can do it yourself, or you wonder about missing significant tax advantages or are concerned that you might be making mistakes, use the checklist below from the American Institute of...

What Is A 1099-MISC?

What Is A 1099-MISC?

What is a 1099 MISC? Generally speaking, the IRS requires you to report certain payments you made during the year to independent contractors. The 1099-MISC form is a single page on which you report the total amount you paid to the independent contractor during 2017....

1031 Exchanges – FAQ’s

1031 Exchanges – FAQ’s

Equity and Gain Is my tax based on my equity or my taxable gain? Tax is calculated upon the taxable gain. Gain and equity are two separate and distinct items. To determine your gain, identify your original purchase price, deduct any depreciation that has been...

1031 Exchange Benefits Are Hard To Ignore

1031 Exchange Benefits Are Hard To Ignore

Section 1031 of the Internal Revenue Code contains arguably one of the most potent tax code provisions for real estate investors… the 1031 tax exchange. Many highly successful real estate investors have used this tax code provision with aggressive pyramiding and...

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