For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable income from other rental properties,
Financial statements tell a powerful story about your business. However, they can seem like an overwhelming collection of figures without proper analysis. Financial benchmarking studies can help you identify historical trends, pinpoint areas for improvement and forecast future performance with greater confidence. Gauging Profitability Profitability ratios help evaluate how effectively
When preparing your tax return, you or your tax preparer will check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Each status requires eligibility and only some are eligible to file a return as a head of household. But
Will your company be ready to add a health insurance plan for next year, or change its current one? If so, now might be a good time to consider your options. These things take time. A popular benefits model for many small to midsize businesses is sponsoring a high-deductible health plan
The Colorado Department of Revenue just overhauled their free Sales & Use Tax System (SUTS) to streamline the process statewide for sales and use tax returns and other tools. The system features include: Accurately look up sales and use tax rates by address Single point of remittance and a uniform
Staying on top of payroll tax compliance is non-negotiable for small businesses. A single misstep can result in hefty fines, strained employee relationships, and even legal trouble. Whether you’re managing payroll yourself or working with a provider, understanding the essentials can save you time, money, and a whole lot of
When most people think of estate planning, they imagine married couples or parents making arrangements for their children. But estate planning for single individuals is just as important — maybe even more so. If you're single and don’t have children, you may assume estate planning doesn't apply to you. The
Comedian Jeff Foxworthy is famous for his “You Might Be a Redneck If…” one-liners—but when it comes to your finances, there’s a more serious version to consider; you might need a CPA if… Do I really need a CPA? If you’ve ever felt overwhelmed by taxes, confused by business regulations,
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to
A revocable trust (sometimes referred to as a “living trust”) is a popular estate planning tool that allows you to manage your assets during your lifetime and ensure a smooth transfer of those assets to your family after your death. Plus, trust assets bypass the probate process, which can save
