Navigating the IRS: Start-Up Expense Allowance for Small Businesses
Introduction: Starting a small business is an exciting venture that often comes with various costs and expenditures. To assist entrepreneurs in the initial stages of business development, the Internal Revenue Service (IRS) offers allowances for start-up expenses. Understanding and properly utilizing these allowances can significantly benefit small businesses, providing them with the financial flexibility needed […]
Read MoreIRS “Dirty Dozen” Tax Schemes
November 17th, 2023 The “Dirty Dozen” is an annual list released by the Internal Revenue Service (IRS) in the United States that highlights common tax scams and schemes that taxpayers may encounter. The list is meant to raise awareness and help individuals and businesses protect themselves against fraudulent activities. Keep in mind that the specifics […]
Read MoreWhat is Carried Interest?
What is Carried Interest? October 2023 Carried interest, often abbreviated as “carry,” is a financial arrangement commonly used in the private equity and venture capital industries, as well as in some hedge funds and real estate investments. It represents a share of the profits that investment professionals, such as fund managers or general partners, receive […]
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What is a Tax Short Year?
A short tax year is a tax period that covers less than 12 months. This can happen for various reasons, such as when a business is established or terminated in the middle of a calendar year, when a taxpayer changes their accounting period, or when there are other circumstances that result in a tax period […]
Read MoreMarried Filing Joint or Separately?
Filing your taxes as “Married Filing Separately” (MFS) is generally less common than filing jointly for married couples because it often results in a higher tax liability and limits access to certain tax benefits. However, there are some situations where filing separately might make sense. Here are some reasons why you might consider filing MFS: […]
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