Sharp Tax & Accounting Blog
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Short-Term Rentals and Taxes: When Losses Can Potentially Offset W-2 Income
Short-term rentals can receive different treatment under the passive activity rules. Learn when rental losses may potentially offset wages or other nonpassive income and what requirements have to be met.
Cost Segregation Studies: How Real Estate Owners Can Accelerate Tax Savings
Cost segregation can help real estate owners accelerate depreciation and potentially create significant tax savings. Learn how it works, when it may make sense, and why state tax treatment matters.
State Tax Nexus: When Does Your Business Have to File in Another State?
State tax nexus can create filing obligations even when your business has no office or employees in another state. Learn how physical presence, economic activity, and different tax types can affect where your business may need to file.
Free Products and Brand Deals: When Do Content Creators Have Taxable Income?
Free products, complimentary travel, services, and other brand perks can still create taxable income for content creators. Learn when noncash compensation may need to be reported and why good records matter.
The FICA Tip Credit: A Valuable Tax Break for Restaurants
The FICA tip credit can provide a valuable tax benefit for restaurants with tipped employees. Learn how the credit works, which tips qualify, how mandatory gratuities are treated, and what restaurants should track to claim it correctly.
Prime Cost for Restaurants: What Owners Need to Know
Prime cost combines two of the biggest expenses in a restaurant: food and labor. Learn how to calculate prime cost, what percentage restaurants generally aim for, and how tracking it can help you spot rising costs and make better operating decisions.