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Accounting for Rental Properties: What You Need to Know
Nobody loves filing their taxes, especially when you need to account for rental properties. This task can come with a major learning curve, especially for new investors. However, it’s a familiar pain for many, as there are over 11 million independent landlords across the US. Fortunately, with the right tips and knowledge, you can make tax time
1031 Exchange: What Real Estate Investors Need to Know
As you sign the last piece of paperwork to relinquish the property you’ve been working hard to sell for months, and you feel a wave of relief wash over you. However, the feeling is short-lived, as you quickly begin to worry about the tax implications of your windfall. This is a reasonable concern, as the
How to Track Your Income and Expenses
Introduction Is the fear of financial tracking and recordkeeping holding you back from starting your side hustle? Or maybe you’ve been in operation for a few years but you’re struggling to understand how to organize your books and records. In years past our only option was paper and pen, but as technology has evolved, we’re
Employee Retention Credit – Are You Eligible?
It’s no secret that retaining employees can be a challenge for businesses. In today’s competitive marketplace especially, good employees are in high demand, and it can be difficult to keep them from jumping ship to a competitor. Plus, replacing an employee often is not a fun task. Not only do you have to go through
Importance of Accounting & Bookkeeping Services for Law Firms
Every business owner should maintain well-organized financial records, but for a law firm, the stakes are especially high. As in other industries, clean, detailed books help the law practice to thrive and grow. They allow owners to better understand their financial position and plan for the future and give banks and other potential lenders confidence
Common Mistakes to Avoid in Your Tax Planning
Whether you are a business owner or an employee, taxes can loom large as an intimidating subject, and trying to find answers to seemingly simple questions can quickly turn into a dive down the rabbit hole. Many people simply wash their hands of the topic and go about their daily work, only to be left
How to Form an LLC in Michigan?
Introduction In recent years, limited liability companies have emerged as the ideal business structure for many small to medium-sized entities in a range of industries. It’s easy to see why, as they are more flexible and tax-efficient than other, more traditional arrangements. Their hybrid nature allows the company to capitalize on many of the benefits
Benefits of Forming an LLC in Michigan
Introduction Each of the common entity types (including sole proprietorships, general partnerships, limited partnerships, limited liability partnerships, limited liability companies, S corporations, and C corporations) comes with its own set of benefits and downfalls. The pros and cons vary depending, among other concerns, on whether you’re starting a small/family-sized business with limited foreseeable partners, or