Over the last two centuries, the asset class that has created an overwhelming majority of the world’s millionaires was real estate. Why is this the case, and why is real estate one of the best options to attain wealth while simultaneously being the easiest asset class to avoid paying taxes? One of the most important …
How to become a millionaire tax free through real estate Read More »
Starting in 2022 the IRS has issued new 1099 reporting requirements requiring Venmo, PayPal, Cash App to report business transactions of $600 or more to the IRS. What does this mean for the individual taxpayer? If I give money to my relatives over Chinese New Years does that mean I need to issue them a …
New 1099 Reporting Requirements for 2022 – what does it mean for you? Read More »
The IRS recently announced that you can contribute more pre-tax money to several retirement plans for 2022. If you recently switched jobs or are in a different financial position than you were in 2020, now might be a great time to review your contribution amounts and make changes as needed to meet your long-term financial …
What are the different types of auto expenses and how do I Know which one to take? The IRS gives you a choice to take actual or their standard mileage when it comes to the auto expense deduction on your tax returns. Booked financial always will go the extra mile and calculate the choice that …
Auto Expense Deduction – Standard Mileage or Actual Expense? Read More »
When deciding on which type of retirement account to contribute to there are many misconceptions and confusions regarding which type is optimal. Oftentimes people will mistakenly ask if they should contribute to a 401k or an IRA when in reality that is the incorrect question to ask. The correct question individuals should ask is whether …
What’s the Difference Between a Roth and a Traditional IRA? Read More »
With the recent short squeeze mania surrounding Gamestop shares, many new investors browsing forums like wallstreetbets (reddit.com) found themselves in either a large winning or large losing positions. With this article, we hope to provide you with more info on what to do if you find yourself on either side of the equation as well …
Made/lost money on GameStop shares? see how you can Minimize taxes on your earnings Read More »
Common business deductions can be every day things you use within your home. Read more to see if there is money you are leaving on the table.
With the shift towards working from home amidst the pandemic, many are finding themselves performing more of their duties from home. A home office is a great tax deduction that can decrease your tax liability and lets your business pay for expenses that you already have to pay for in your day to day life. …
PPP is a government loan program that offers a life boat for struggling businesses. This forgivable loan gives small business the liquidity they need to remain afloat during the Pandemic
So you’ve weighed the options and realized that there is nothing that could even come close to following your passions and becoming an entrepreneur. For many people starting a business can be intimidating, and we understand how many different ideas go into managing and operating a business of your own. We applaud you on this …