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Renting Space in Your Home: What You Need to Know

By |2021-01-17T19:46:34-06:00January 4th, 2021|Categories: Accounting, Better Guidance, Business, Communication, Consulting, Smarter Decisions, Tax|Tags: , , , , , , , , , , , , |

Renting out a portion of your home can add income and help pay off your house. You can rent out your garage as a storage unit or part of your home to a small business or tenant. If you rent part of your main home, you must claim the rental income as part of your total [...]

Form 1099-MISC & 1099-NEC – Changes and Best Practices

By |2021-01-18T20:05:51-06:00December 30th, 2020|Categories: Accounting, Business, Communication, Government & Policy, Smarter Decisions, Tax|Tags: , , , , , , , , , , , |

Every year, businesses must issue 1099s to individuals and partnerships for payments issued of $600 or more for items such as rent, other income, contract labor, and payments to attorneys. Starting January 2020, payments for non-employee compensation, box 7 of 1099-MISC, will now be issued on the new form 1099-NEC box 1. Determining who must receive [...]

The Hidden Tax Trap of Short-Term Rentals

By |2021-01-17T19:46:52-06:00December 30th, 2020|Categories: Better Guidance, Business, Communication, Smarter Decisions, Tax|Tags: , , , , , , , , , , , , |

Some travelers want to experience the natural wonders of an area to feel like a local when they stay in a new city. They do not want to be confined inside a highway motel. They dream of staying in a quaint cottage, venturing out of an apartment into the jazz district, of feeling the vibe of [...]

New Business Owners: The Accounting Partner You Need

By |2020-12-30T17:43:22-06:00December 30th, 2020|Categories: Accounting, Better Guidance, Business, Communication, Consulting, Growth, Professional Etiquette, Smarter Decisions|Tags: , , , , , , , , , , |

You have your business idea, the concepts laid out, and you’ve registered your business. You’re getting set up for opening day but then you start to think of all the different outcomes your business could take. Will it be profitable? If I have projections, will they be accurate? How will I know how well I am [...]

401(k) vs. IRA: Which is best for you?

By |2021-01-17T19:47:21-06:00December 30th, 2020|Categories: Better Guidance, Business, Communication, Consulting, Smarter Decisions, Tax|Tags: , , , , , , , , , , , |

Both 401(k)s and IRAs have tax benefits for you, and the good news is: you can contribute to both at the same time. Often employers will offer 401(k)s, which allow higher annual contributions, and individuals open IRAs, which may offer more investments. A 401(k) plan is a retirement account with tax advantages and many employers' defined contributions. [...]

Your Success Strategy: Transitioning from a Student to a Professional

By |2021-01-18T20:01:47-06:00December 30th, 2020|Categories: Better Guidance, Business, Communication, Growth, Leadership, Positive Focus, Professional Etiquette, Smarter Decisions|Tags: , , , , , , , , , , , , , |

If you are like me, as a student, you dreamed of the day where you were a working professional instead of a poor college student trying to balance homework, friends, and a job. However, when graduation day arrives, many students tend to feel more anxious about the future than prepared. A 2018 survey found that only 4 [...]

Side Hustles: Understanding the Tax Effects of Earning Extra Income

By |2021-01-17T19:48:12-06:00December 30th, 2020|Categories: Better Guidance, Business, Communication, Consulting, Professional Etiquette, Smarter Decisions|Tags: , , , , , , , , , , , , , |

It is not uncommon to hear about individuals with "side hustles" or secondary income sources.  Almost half of working Americans have a gig outside their primary job with the average side hustle bringing in $1,100 a month. While many people are quick to jump on the opportunity to earn more money, just as many fail to properly [...]

Professionalism: Bowties & High Heels NOT Required!

By |2021-01-17T19:48:54-06:00September 8th, 2020|Categories: Business, Communication, Growth, Leadership, Professional Etiquette|Tags: , , , , , , , , , |

An entrepreneur/businessperson is a person who sets up a business or businesses. The term "businessperson" may refer to a founder, owner, or majority shareholder of a commercial enterprise, or it can characterize a high-level executive who does the everyday running and management of a company even if that executive is not the owner. -  From Wikipedia, [...]

What COVID-19 means for your IRS Payments

By |2021-01-17T19:49:01-06:00September 4th, 2020|Categories: Accounting, Better Guidance, Business, Communication, Government & Policy, Smarter Decisions, Tax|Tags: , , , , , , |

You know when you go on vacation or are over the road for extended periods, and you come home, and the mailbox is SO full you can barely open it. Well, with the global pandemic going on with COVID -19, the IRS has tons of mail. No, they weren’t on vacation, but due to the pandemic, [...]

Better Guidance for Business Building Depreciation Benefits

By |2021-01-17T19:49:18-06:00August 28th, 2020|Categories: Accounting, Better Guidance, Business, Communication, Consulting, Growth, Tax|Tags: , , , , , , , , , , , , |

Got assets and need cash? As a Senior Analyst for Abacus CPAs, I have seen this all too often. Business owners, like you, get the short end of the deal. You spend a ton of money to build, buy, and add on to facilities for your business and at the end of the year, you still [...]

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