Bookkeeping Concepts LLC

Unlock Bigger Deductions on Rental Real Estate

Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses, treating most rental activities as passive unless specific requirements are met. But if you can qualify for the real estate professional exception, you may be able to turn otherwise suspended losses into immediate tax savings.

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Taking Control with Self-Directed IRAs

You have until April 15, 2026, the tax filing deadline, to make 2025 contributions to an IRA. If you’re seeking more than the traditional mix of stocks, bonds and mutual funds, a self-directed IRA offers greater autonomy and diversification. But it also introduces added complexity.

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5 Ways to Expand Your Use of QuickBooks Online

You may have felt a little overwhelmed when you first started using QuickBooks Online. You needed to learn how the navigation system worked, identify the right forms for each task and review the site’s settings to ensure the software met your specific needs.

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Which Parent Gets the Tax Breaks After Divorce?

IRS rules determine who can claim many child-related federal income tax breaks after parents divorce or legally separate. Generally, the parent with whom the child spends the most nights gets the benefits. But the rules allow this “custodial” parent to release to the other, “noncustodial,” parent the right to claim the child for certain tax breaks if specific tests are passed.

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If You're Closing Your Business, Don't Forget These Tax Steps

Closing a business can be overwhelming. But it’s important not to let tax duties fall through the cracks. File a federal income tax return for your business’s final year and, if you have employees, make final federal tax deposits and report employment taxes.

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2026 Tax Law Changes for Businesses

Here’s a sampling of some significant tax law changes going into effect this year.

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