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Foreign Currency Transactions and Conversion Rates 

The Internal Revenue Service (IRS) requires tax returns be reported in U.S. dollars. This means that U.S. taxpayers living and working abroad, except qualified business units (QBU), must report and translate their income into U.S. dollars.   However, even if you are domestically based, you may still need to make foreign currency translations when you file… Continue reading Foreign Currency Transactions and Conversion Rates 

Schedule C: Profit or Loss from Business

Small business owners, freelancers, gig workers, independent contractors, or individuals with self-employment income are the ones who will most probably need to fill out a Schedule C when they file their IRS 1040 form. If you are one of them, here’s what you need to know about this tax form.  What is Schedule C IRS… Continue reading Schedule C: Profit or Loss from Business

IRS Reminders to Avoid Tax Return Mistakes 

The Internal Revenue Service (IRS) has identified the common tax return mistakes and issued the following guidelines on how taxpayers can avoid them to expedite the processing of their returns and potential refunds.  Collect all tax-related documents.  Having all your tax documents ready before you start your return will not only speed up its processing… Continue reading IRS Reminders to Avoid Tax Return Mistakes 

An Introduction to Various IRS Form 1040 Tax Schedules 

U.S. individuals will need to fill out a form 1040 to file their annual return with the Internal Revenue Service (IRS). However, individuals with more complex tax situations may need to accomplish additional schedules to support the standard IRS 1040 form. Listed below are the common 1040 schedules during tax season.  Schedule 1, Additional Income… Continue reading An Introduction to Various IRS Form 1040 Tax Schedules 

IRS Form 1040, U.S. Individual Income Tax Return: An Overview 

Do you wonder if you need to file an Internal Revenue Service (IRS) Form 1040? Here is an overview of what you need to know about this income tax return form.  What is IRS Form 1040?  The IRS Form 1040 is the standard form used by U.S. individuals to file their annual income tax returns… Continue reading IRS Form 1040, U.S. Individual Income Tax Return: An Overview 

Section 179 Deduction for Vehicles 

With the Section 179 deduction, businesses are allowed to deduct the entire purchase price of qualifying properties in a single year instead of waiting several years to recover their cost through depreciation.   One of its most popular uses is for deducting business vehicles. But did you know that the Section 179 deduction has a special… Continue reading Section 179 Deduction for Vehicles 

Section 179 Deduction: A Beginner’s Guide 

Are you still contemplating on buying that equipment for your business? It may be good to know that there is the Section 179 deduction that can provide additional tax savings from qualified capital expenses. But before you get too excited, here’s what you need to know before you take advantage of this 100% deduction for… Continue reading Section 179 Deduction: A Beginner’s Guide 

Accounting for Real Estate: Developer or Landlord? 

Real estate investment may have inherent risks and require significant capital, but if done the right way, can have substantial rewards. Some even hailed it as their way to build wealth and beat market inflation.   There are several kinds of real estate investment, each holds different risks and potential returns. In this blog, we will… Continue reading Accounting for Real Estate: Developer or Landlord? 

IRS Reminders When Filing 2023 Tax Returns  

With just a few months left before the tax filing deadline, the Internal Revenue Service (IRS) issued reminders and checklists to help taxpayers when preparing their 2023 tax returns.   Among those that stand out are the following reminders:   Report all types of income on the tax return.   The IRS reminds taxpayers to report income from… Continue reading IRS Reminders When Filing 2023 Tax Returns  

Common IRS Forms Taxpayers Receive and their Meaning 

It is the time of the year again when you’ll probably see several types of Internal Revenue Service (IRS) forms filling your mailboxes. You might be familiar with some of the IRS forms but if you’ve ever wondered what the rest of them are and why you received them in the first place, then you’re… Continue reading Common IRS Forms Taxpayers Receive and their Meaning