All posts by falcpa

5 Times to Hire a Business CPA

Many small and medium-sized businesses rely on bookkeepers and accountants for routine financial needs, such as accounts receivable, accounts payable and payroll. While these roles are essential, there are some cases when a higher level of expertise is necessary, and you’ll want to engage with a professional with more education, more experience and the proper Read More

Virtual Currency and Your Taxes: What You Need to Know

Virtual currency, also referred to as digital currency or cryptocurrency, makes it possible for individuals to send or receive payments without using conventional paper currency. Some of the most prevalent forms of virtual currency include bitcoin, litecoin, and ethereum. It’s increasingly common for workers to be paid in virtual currency or for retailers to accept virtual Read More

How to Identify Tax Scams

As a taxpayer, you may be targeted by scammers who are trying to access your personal information. Because new tax-related scams arise every year, it can be challenging to identify and avoid them. This is why taxpayers should understand how the IRS communicates. Being aware of suspicious messages can help you avoid sharing sensitive data or Read More

Tax Benefit of Separating Repairs from Improvements

There’s a world of tax difference between repairs to real estate property and capital improvements. And it’s not just semantics. The characterization could result in an increase or decrease of thousands of dollars on your tax return. Basic premise: Repairs are currently deductible in full and can be used to offset the tax from rental income. On the other hand, Read More