Article Highlights Definition of EBITDA Use EBITDA to compare businesses One gauge of a business’s financial health The accounting term EBITDA is an acronym that is widely used. It stands for Earnings Before Interest, Taxation, Depreciation, and Amortization, and it is an extremely helpful tool for understanding how one business or industry is faring based on comparing it … [Read more...] about Accounting Terms: Understanding the accounting term EBITDA and how to use it.
Personal Tax
Are You Leaving Tax Money On The Table?
Article Highlights: Unclaimed Refunds Over-Withholding Earned Income Tax Credit Child Tax Credit American Opportunity Credit (AOTC) Premium Tax Credit (PTC) Refund Statute of Limitations Each year the IRS reports about $1 billion in unclaimed refunds for individuals who did not file a tax return. The IRS estimates that approximately half of the unclaimed refunds are … [Read more...] about Are You Leaving Tax Money On The Table?
Do I Have to File a Tax Return?
Article Highlights: When You Are Required to File Self-Employed Taxpayers Filing Thresholds Benefits of Filing Even When Not Required to File Refundable Tax Credits This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals … [Read more...] about Do I Have to File a Tax Return?
Is Your Hobby a For-Profit Endeavor?
Article Highlights: Hobby Versus For-Profit Endeavor Factors Used To Determine For-Profit Three out of Five Rule Hobby Deductions Whether an activity is a hobby or a business may not be apparent to the customers of the endeavor, but distinguishing the difference is necessary for tax purposes because the tax treatments are substantially different. The IRS provides … [Read more...] about Is Your Hobby a For-Profit Endeavor?
Should You Keep Home Improvement Records?
Article Highlights: Keeping home improvement records Home gain exclusion amounts Records may be required to avoid tax Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain will never exceed the amount of the exclusion for home gains ($250,000 or $500,000 if both filer and spouse qualify) if they meet the 2-out-of-5-year use and … [Read more...] about Should You Keep Home Improvement Records?