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.

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.

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.