Blog
1. Opportunity Costs
Every choice has an opportunity cost. And while opportunity costs are not something that most people measure in their day-to-day lives, they can be vital towards running a successful business—especially when deciding how you are going to spend your time to better build your...
Every choice has an opportunity cost. And while opportunity costs are not something that most people measure in their day-to-day lives, they can be vital towards running a successful business—especially when deciding how you are going to spend your time to better build your...
Which Assets Need to Be Depreciated?
Business purchases such as office supplies, cell phone plans, and software subscriptions are deducted as standard business expenses. But larger, long-term-use equipment must be depreciated over time. There are three main categories of depreciable business pr...
The 3 Types of Mileage
For IRS purposes, there are three different mileage categories:
- Personal - Driving not related to any business endeavors (e.g., going to the grocery store, taking your kids to school, etc.)
- Commute - Traveling between your place of residence and your primary pla...
Requirements to Qualify
The IRS allows up to $250,000 of profit on a home’s sale to be excluded from your tax return. For married couples filing jointly, that amount is increased to $500,000. Any profits over this amount would be taxed as income. In order to qualify for this exclusion, you must...
Don’t Treat It Like Cash
Cryptocurrency creates a bit of a blurred line between cash assets and investments. While it is possible in many places to use cryptocurrencies like cash, it is not taxed that way. For IRS purposes, cryptocurrency is treated more like stocks and bonds, or even real esta...