Investing in real estate, similar to any other endeavor, comes with a unique set of risks. And many of these risks are simply out of your control. For example, quickly changing demographics can be the difference between a successful commercial and residential real estate venture versus one that fails to meet expectations.
As a business owner, you wear many hats and have a lot on your plate. With so much to consider, it's easy to make mistakes. But some mistakes can be much more costly than others, especially when they are accounting mistakes. Let's take a closer look at our top accounting mistakes to avoid.
If you're considering in-house accounting vs outsourced business accounting, it most likely means your business has grown. In addition to increased revenues, growth also means increased financial requirements. And because you may not have the expertise, time, or willingness to manage your accounting, you may be considering whether to hire a full-time in-house accountant vs outsourcing to a qualified accounting firm. But before you make a decision, make sure you understand the real costs associated with hiring an in-house accountant. Read on to learn the five often-overlooked costs of hiring an in-house accountant.
While the average real estate investor can earn anywhere from $70,000 up to $124,000, the possibilities are virtually endless. And the more you earn, the higher your real estate tax obligations will be. Because of this, it's imperative you have a solid tax planning strategy to limit your tax liability. Fortunately, you don't have to do it alone.
In the 2019 tax year, the average income tax refund was $2,535. While splurging on a stellar vacation or a shopping spree may seem like an option, it's not the best option. In fact, there are a number of different ways you can invest your tax return to amplify the benefits for several years to come. Let's take a closer look at a few top ways you can intelligently invest your income tax refund. And if you would like a more tailored or personalized solution, don't hesitate to reach out to the team at the MB Group.
Business owners know their business like no one else—except for their accountant! Your accountant, whether inhouse or an outside firm, knows the ins and outs of your business from the financial point of view. While you know your business's expertise in regards to the unique service or goods you provide for your customers, your accountant's expertise also factors into the success of your business. Their work, however, does not exist in a vacuum. It requires a consistent dialogue between you, the business owner, and your accountant.
Whether you're a business owner or an individual, it's completely normal to request more time to file your federal income tax return. In fact, over 10 million taxpayers request tax extensions each year. Let's take a closer look at tax extensions, what's involved in the filing process, as well as a couple of FAQs. And if you would like more personalized or tailored guidance based on your unique situation, don't hesitate to reach out to the team at the MB Group today.
The hustle, the fear, and the anxiety — it must be tax season. And if you experience any or all of these symptoms, you may be suffering from tax phobia or IRS phobia. While cynics may smirk at the notion, this issue has been documented as far back as 1984 when the Washington Post penned an article entitled "Fear of Filing". What's one of the outcomes of IRS phobia? Procrastination.
While filing taxes as early as possible is generally the right thing to do, this year may be the time to wait. Tax season in 2020 was chaotic to say the least, and while 2021 seems to be back on track, we're still seeing the effects of COVID-19.
We get it: as a business owner, you have a lot on your plate. From managing the day-to-day operations, to marketing, to tax planning, to a litany of other tasks—business owners are often stretched paper-thin. One way savvy business owners save time while gaining insight into the operation of the business is through financial reports. Let's take a closer look at our top financial reports every small business should have and understand.