With the housing market booming and sellers getting thousands over the asking price, now might be the time to consider selling your rental property. Selling your rental property comes with more considerations than just the selling price. In fact, because of the way rental properties are set up, you may be subject to additional taxes that you need to plan for.

As rental income starts flowing in and the initial setup expenses decrease, you may be wondering what the next step is?

Well, after your rental property is up and running, you will be tasked with maintenance and tax return reporting.

Getting an accepted real estate offer on a property is only the first step of running a successful rental with implementing adequate accounting controls being the next step on your to-do list.

Here’s how to get stared.

When you build an investment portfolio through optimal asset allocation, you’re more likely to achieve your financial goals.

Effective estate planning requires careful authorization designation and facilitating the required documentation to ensure proper implementation.

A priest, a lawyer, and an IRS agent walk into a bar. "Your father has died," they say.

“Did he suffer?” you ask.

All three shrug and say in unison, “Not as much as you’re going to.”

Death is an inevitable part of life. Although it is undoubtedly a sobering event, especially for the remaining loved ones, estate planning can help alleviate some of the pains of losing someone. One of the critical tools of proper estate planning is for the deceased to have a valid will.

As you work through this thing called life, you’re likely to accumulate some amount of assets, wealth, or even just family treasures.

Have you thought about what will happen to those things in the unfortunate event that you become incapacitated or, worse, die?

Enter estate planning!

If you’re one of the many people asking themselves, “how much life insurance do I really need?” this article is for you. Below, we’ll explore how to determine the amount of life insurance you should purchase to safeguard your family’s future.

Insurance might not be the most exciting topic you read about today. Nevertheless, learning about the types of insurance you need and when is essential to securing your future and safeguarding your legacy.

This guide will help shed light on the different types of insurance so you can make the right choices for you, your business, and your family.

Life indeed is a journey.

Retirement planning is an indispensable part of a sound financial strategy. It means preparing today for your golden years so that you continue to meet all your financial goals independently.

Money doesn’t grow on trees, but it can blossom with the right financial strategy.

It’s important for individuals and families to start saving and investing their money as early as they can. After all, you work hard for your money, so let your money work hard for you.

Most individuals sign up for their first checking account as a young adult or as a teenager with the help of a guardian. If you’re reading this now, odds are you have one of your own.

But did you know you may benefit from having another bank account? Or more?

You have worked hard over the years and built a good life for yourself and your family – one full of achievements, memories and happiness.

Now, as you start thinking about getting yourself out of your soul-sucking 9 to 5 and retiring, you may have new goals and dreams in mind.

You retire from work, not life.

Tax Time for Beauticians: Your Guide as a Self-Employed Business Owner

Can you confidently say you are in complete compliance with the IRS and other tax collection agencies?

Many nail and beauty salons fall under the category of self-employed, so be sure to follow these tips and strategies to ensure a smooth tax filing.

You have probably experienced an unexpected financial emergency at some point in your life – a broken fridge, a damaged laptop, a fender bender, or even a loss of income.

Small or large, these unexpected expenses always seem to have the worst timing.

The average family thinks it’s best to prepare their own tax return. They figure they have simple enough income and straightforward deductions, so why pay someone, right?

It’s common thinking, but it’s often mistaken. The benefits of using a professional tax preparer often far outweigh the costs.

What if, though a professional could help you save more money and invest in your future?

Are you frequently assessed penalties by the IRS for underpaying taxes? How about if you consistently have a large balance due?

Both of these situations may indicate the need to file estimated tax payments throughout the year. The IRS required estimated tax payments for various individuals, making it critical to look at your tax situation to fully understand your obligation.

This guide will dive into everything you need to know about estimated tax payments.

As you enter the workforce or start your own business, making more money can come with new and exciting things, but also a tax burden. Even if you are already establish in your career, you may be thinking of strategies to reduce your tax burden, but are you sure all of those strategies are legal? Many young individuals often forget there is a difference between tax avoidance and tax evasion, making it a great topic to dive into.

What is the Difference Between Tax Avoidance and Tax Evasion?

How Do I Know if I am Committing Tax Avoidance or Tax Evasion?

When you file your taxes, you have two choices – take the standard deduction or itemized deductions. If you take the standard deduction, you can deduct $12,550 for a single filer and $25,100 for a couple filing jointly.

If you choose the standard deduction, receipts aren’t necessary. But, if your itemized deductions exceed the standard deduction for 2022, it pays to itemize your deductions, which requires you to keep your receipts.

So how do you keep your receipts organized for tax time?

Here’s how.