A capital gain occurs when you sell a capital asset, such as real estate, stocks or bonds, for more than you paid for it. The amount of taxes you pay depends on how long you hold your capital asset.

A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of … Read More

An LLC’s simple and adaptable business structure is perfect for many small businesses. While both corporations and LLCs offer their owners limited personal liability, owners of an LLC can also take advantage of LLC tax benefits, management flexibility, and minimal … Read More

Below-the-line deductions are amounts you can claim to reduce your overall taxes. Generally, there are two types of below-the-line deductions: itemized deductions and the standard deduction. However many people do not typically refer to the standard deduction as a below-the-line … Read More

Your adjusted gross income (AGI) is your taxable income minus certain deductions. It’s a key number because the IRS uses your AGI to determine whether you qualify for other tax credits or deductions.

“Notes Receivable” is a collective term for written promissory notes that are due in less than one year and are held by the entity to whom payment is promised.

When you win a prize, fill out a sheet outlining the details of the event. Record the identity of the sponsor, the date, a detailed description of what was won, copies of documentation, photos of the items won, and the … Read More