What You Need to Know About IRA RMDs

March 1, 2023
pennies, representing RMD for IRAs.

If you have an IRA or other tax-deferred retirement account like a 401(k), you must start taking required minimum distributions (RMDs) once you reach a certain age. The SECURE 2.0 Act raises the age at which RMDs must first be… Read Now >>

Understanding Passive Loss Rules for Rental Property Owners

February 22, 2023
Home interior, concept for passive loss tax rules

Passive loss rules have been commonly misunderstood by rental property owners since they were first introduced in 1986. Today, we want to provide a better explanation of passive loss rules and how you can use the current tax laws to… Read Now >>

(Replay) Implementing The Profit First System

February 17, 2023

Pros and Cons of a Delaware Statutory Trust

February 15, 2023
Commercial buildings, representing Delaware statutory trust investment

Last week, we talked about the tax advantages of Section 1031 exchanges. You can sell qualified assets like real estate and avoid taxation by purchasing like-kind property. Your heirs can also benefit from 1031 exchanges if the new property is… Read Now >>

Tax Advantages of a Section 1031 Exchange

February 8, 2023
Key in the door, Section 1031 exchange concept

It’s no secret that Section 1031 exchanges offer a great wealth-building solution for real estate investors. It allows you to make a like-kind exchange of properties with tax-deferred advantages. Tax Advantages of 1031 Exchanges You will be able to avoid… Read Now >>

Are Airbnb Owners Subject to the Self-Employment Tax?

February 1, 2023
Vacation home bedroom, self-employment tax Airbnb concept

If you earn rental income from an Airbnb or other type of short-term rental service, you may be subject to self-employment taxes. The extent of your tax liabilities may depend on your legal business structure and how much you earned… Read Now >>

Business Profitability: Should You Put Profit Before Growth?

January 25, 2023

Many business owners are focused on the importance of growth. They want to increase sales, have more employees and bring in more overall revenue. This sounds like a great idea. Unfortunately, business growth sometimes comes at the expense of profitability.… Read Now >>

Business Profitability: Advantages and Disadvantages of the Profit First Method

January 18, 2023
Business puzzle concept - representing advantages and disadvantages of Profit First method

Many entrepreneurs have adopted the Profit First method in recent years. This approach developed by Mike Michalowicz has been of the hottest trends in business accounting. Be sure to read our first two articles in this series for more insight… Read Now >>

Business Profitability: Profit First Accounting Tips

January 11, 2023
Profit First cash flow allocation concept

Last week, we discussed the basics of Mike Michalowicz’s Profit First method. It is a way to rethink how you manage business income and expenses. When done right, it can help you ensure a certain amount of profitability and better… Read Now >>

Business Profitability: Applying the Profit First Method

January 6, 2023
Business Owner taking coins from cash register - Profit First method representation

Obviously, the goal of any business owner in 2023 is to make more profit. It’s one thing to have that overall goal. It’s another to actually achieve it. Nobody ever said running a business was easy, let alone reaching your… Read Now >>