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The exhilaration you experience when your horse crosses the finish line first—or your numbers hit in roulette—is incredible. It sets off an adrenaline rush that fuels excitement and a surge of joy, making the moment truly unforgettable. You’re so excited, in fact, that it never crosses your mind that you might owe gambling taxes. We never like being the bearer of disappointing news, but come tax...

Local, state, and national governments collect sales taxes to generate revenue for essential public services like education, healthcare, public safety, and infrastructure. Sales taxes ensure a broad-based and equitable approach to taxation by distributing the burden of supporting public services among consumers who benefit from them. Governments often adjust sales taxes to reflect current...

Filing taxes and managing accounts for your real estate business can be hectic. You may have to navigate various complex laws on property tax, mortgages, sale contracts, and rental agreements. Organizing your finances yourself can take a toll on your business. You’ll find yourself doing more putting your files together instead of focusing on your business operations. Fortunately, a real estate...

Figuring out your taxes when single can be pretty daunting. However, getting married adds a whole other layer of complexity when it comes to the way you handle your taxes. In general, married couples have the option of filing their federal income taxes jointly or separately. The IRS typically encourages married couples to file jointly through tax breaks and other financial incentives. That said,...

Are you a real estate investor? One way to run a successful venture is to have a professional team to help you. A real estate CPA is one of the most trusted professionals you can have in your business circle. A Certified Public Accountant (CPA) can help you organize complex financial transactions, maximize profits, and adhere to tax regulations. As a result, you’ll make sound financial decisions...

Many businesses have to deal with the tedious and highly technical task of reconciling accounts, as it is one of the key steps in the close process. It is a process aimed at streamlining the general ledger balances as they flow into the financial statements. Here’s a look at what account reconciliation is all about. What does reconciliation mean in accounting? It is an accounting process where...

Running a small business can be hard enough without worrying about filing taxes, making payroll, managing employee benefits, and keeping vendor invoices straight. But many small businesses lack the experience necessary to keep up with the books themselves or the budget to hire a full-time accountant. That is where hiring a CPA firm can be beneficial. They can provide many of the critical services...

Each year when tax time comes around, married couples must decide whether they want to file a joint tax return or choose married filing separately. This decision can have a significant financial impact, so it’s important to understand the difference and the potential pros and cons of each option. Following, you’ll find a brief overview of each option and some situations when filing separately...

Tax compliance is a worry for every business. It seems like every time you turn around, tax laws are being added to, altered, or eliminated. The stress can be overwhelming, particularly at tax time when mailing out 1099s, separating personal and business expenses, and locating deduction receipts are par for the course. Hiring a CPA firm to keep your business tax law compliant is a time and...

As a business owner, you’re always looking for ways to stay ahead of the game and see to your organization’s success. One of the most meaningful ways to do this is by staying on top of your tax obligations. But with so many regulations and tax changes happening every year, navigating the complex world of taxes on your own can be challenging. As such, that’s where a Certified Public Accountant...