An ITIN, or Individual Taxpayer Identification Number, is a tax processing number only available for certain United States non-resident and resident aliens, their spouses, and dependents who are not eligible for a Social Security Number (SSN). It is a nine-digit…
Managing money is an essential part of business ownership. After all, the goal of your operation is to turn a profit. But many entrepreneurs and small businesses tend to overlook the finer details of their finances. Though you may be…
An S corporation is a small, closely held corporation that essentially operates as a pass-through system in which any income and losses pass through the business owner’s personal tax returns. One of the biggest benefits — and often reason why…
As small business owners struggle to stay afloat a little over a year after the COVID-19 pandemic struck, an extension for small business owners to apply for the second round of Paycheck Protection Program (PPP) funds has been granted, moving…
At this point in life, we all understand that as a U.S. citizen you must pay federal taxes on income earned worldwide, but there are some exclusions that are important to know about. The Foreign Earned Income Exclusion is for…
Rental properties overseas are just like any other asset that you may own. However, there are a few differences. And a couple of them are very important to remember. CALCULATING CAPITAL GAINS ON YOUR RENTAL PROPERTY When you sell your…
Are you selling your primary home? Pre-1997 (yes, I know that was a while back), you needed to invest any gains from the sale of your home into another home to qualify for the tax exclusion. However, today that is…
It seems to be the latest craze and fortunes can be made or lost with the click of a button. Cryptocurrency is a form of digital currency that can be used to buy goods and services and uses online ledgers…
The new coronavirus relief application period will open on February 24, 2021 and run through March 9, 2021 to expand the Payroll Protection Program (PPP) to smaller sized businesses that were unable to qualify previously. The trusted experts at Orlando…
If you are like millions of Americans, your second – or even perhaps your first — stimulus check may not have made its way through the mail to you. The experts at Orlando based CPA Accounting & Tax Services discuss…
Cost segregation is a strategic tax planning tool that allows purchasers (both companies and individuals) who have purchased, built or remodeled real estate of any kind favorable tax benefits and increased cash flow from accelerated depreciation deductions and deferral of…
The Covid-19 pandemic hit close to the beginning of 2020, with several changes brought on by coronavirus-related legislation that may impact your 2020 tax year filing. As 2020 is now in the books, it’s a good idea to start taking…
Most people grow up believing the bank is the safest place to keep their money. It feels secure. It feels responsible. It feels like the smart move. But here’s the problem: while your money may be physically safe in a…
Did You Get Hit a Huge Tax Bill? Here’s What S-Corp Business Owners Can Do both Now and Next Year If your stomach dropped when you saw your tax bill… yeah, this article is for you. Let’s walk through three…
Short answer? Yes, you should buy a home in 202, but not for the reasons most people think. Real estate is still worth it in 2026 because of powerful tax strategies like cost segregation, bonus depreciation, and real estate losses….
If you’re a business owner who just had your taxes calculated and your breath stopped when you saw how much you owe, you’re not alone. This guide walks through what you didn’t do last year, what you can still do…
Most people believe the bank is the safest place to keep their money. While banks may feel secure, keeping excess money in the bank is often one of the worst places for it to sit. In this guide, we’ll walk…
Many homeowners want to leave their home to their children, yet few realize that how they do it can mean the difference between a smooth transfer or tens of thousands of dollars lost to taxes. This guide explains how to…
2026 is coming up real fast, and the tax brackets are going to change. In this post, we’ll walk through: How these new brackets affect you How tax brackets actually work (most people misunderstand them big time!) What you can…
Are you trying to pass down your home to your kids? In this post, we’ll walk through how to avoid capital gains once your children inherit your house, what to do, what not to do, and how this gets done…
HSAs in 2026 are going to be changing with higher limits and now, even more health plans will be available to qualify. The 2026 tax changes will allow a lot more Americans to take advantage of the triple tax benefit…
Did you make a lot of money this year either through W-2 income or business income? Are you looking to significantly lower you tax bill? If so, you are in the right place. Today we are discussing a great tax…
Mistakes often kill your profit. Today, I want to discuss with you the five things you need to examine carefully so you can protect, and improve your profit. 1. The Subscription Sneak Attack We all fall for this (CPAs included):…
The 2026 Tax season might feel far away, but getting organized now can save you serious stress, and money. Today we are discussing five essential steps you should take before the 2026 tax season so you can file smoothly, avoid…
After more than 25 years in business, I’ve watched countless small companies rise and fall. Often businesses fail because the repeat the same exact mistakes that everyone else is making. If you’re thinking about starting your own business, there are…
How Car Payments Keep You Poor, and What To Do Instead Remember about three months ago when you bought that shiny new car? It looked incredible, smelled amazing, and felt like the perfect upgrade. Fast-forward a few months later, and…
What’s keeping so many Americans broke? Believe it or not, it often comes down to a handful of habits repeated week after week. It’s that simple. It doesn’t matter if you are a CPA or not; we all have to…
Real estate can be a powerful investment or a financial disaster if you don’t know what you’re doing. What looked like a great deal 20 years ago in a certain neighborhood might now be a total mess. Let’s walk through…
As a business owner, I’ve seen so many people make basic mistakes when starting out. These mistakes could easily be avoided, saving a lot of trouble down the road if they just start the right way from the beginning. So…
The Big Beautiful Bill…interesting name for a tax bill, right? I’ve researched the five most talked-about topics concerning this bill. Today I am going to cover these top 5 topics hot topics from my perspective as a CPA. 1. No…
Amending your personal income tax return may seem overwhelming, but it’s a manageable process when you break it down step by step. In this guide, I’ll walk you through how to correct your return using IRS Form 1040-X. Step 1:…
Requirements to Get Started with Bookkeeping Manually So, to get started with Bookkeeping Manually (without software), we have just two requirements. They are: #1 – First, you must have a bank account that is used exclusively for business income and…