Sold Your Home Before Meeting the Gain Exclusion Requirements? You May Still Qualify for a Partial Exclusion
When selling a principal residence, taxpayers turn to Section 121 of the Internal Revenue Code to mitigate potential capital gains taxes. Under this provision, homeowners can exclude up to $250,000 of gain ($500,000 for qualifying joint filers) from the sale. To fully qualify, individuals must have owned and lived in the home as their primary […]
Read More →Estimated Tax Payments Are Not Just for the Self-Employed
Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making periodic estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her net earnings for the year and pay taxes per an IRS schedule according to […]
Read More →It’s Tax Time – Beware of Scams
Tax season is a busy time for taxpayers. It is also a busy time for criminals as they ramp up efforts to trick people into sharing sensitive personal information. Identity thieves use this information to try filing false tax returns and stealing refunds, plus scam you financially in other ways. You may think you are harp on a lot […]
Read More →Why Profitable Businesses Still Run Out of Cash (And What CFOs Watch Instead)
After revenue, and even after gross margin, there’s one phrase business owners say more than almost any other: “We’re profitable… so why does cash still feel tight?” It’s a fair question. And an incredibly common one. Because profit and cash flow are related — but they are not the same thing. And confusing the two is one of […]
Read More →The Most Dangerous Number in Your Financials (And It’s Not What You Think)
Ask a business owner how things are going, and you’ll usually hear the same answer first: “Revenue’s up.” That sounds like good news. And sometimes it is. But there’s a number hiding underneath revenue that tells a very different story. One that quietly determines whether a business is actually healthy or just busy. That number is gross margin. And for many small […]
Read More →The Silent Cash Flow Killers Hitting Small Businesses Right Now
Most small business owners don’t wake up to a cash flow crisis. It creeps in quietly. Margins shrink. Cash feels tighter. Decisions that used to feel easy suddenly don’t. And while revenue might still look “fine” on paper, the bank account tells a different story. This isn’t poor management. It’s the result of several slow-moving financial pressures hitting at once, many of which accelerated over […]
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