If you’re making $400 or more on your hobby, it’s time to start declaring it on your income taxes. We take on hobbies because we enjoy them. But at some point, we sometimes get enough people wanting the woven towels or the birdhouses or the Christmas ornaments we make that it’s time to start charging […]
The Transformation of Accounting: ASC 326 and the Evolution of Loan Loss Reserves for Private Money Lenders
The arrival and implementation of ASC 326, the Current Expected Credit Loss (CECL) model, has stirred a philosophical discussion about the nature of accounting and the goals of those who shape accounting standards. For lenders, ASC 326 has not only brought about a change in the way they calculate and disclose loan loss reserves, it […]
Navigating LA Wildfire Deferrals: What You Need to Know
If you’re a resident or business owner in Los Angeles County affected by the recent wildfires, relief is on the way when it comes to tax deadlines. Thanks to various emergency tax deferrals, you have additional time to file your taxes without facing penalties or interest. Here’s a breakdown of the key tax deferrals available […]
Why Every Business Needs an Independent Audit: The Key Benefits
An independent audit offers an objective, third-party review of your business’s financial statements, providing valuable insights and boosting credibility. At Duner and Foote, we specialize in delivering thorough audits that ensure financial accuracy and compliance, helping businesses succeed and grow. 1. Enhanced Credibility An audit validates the accuracy of your financial statements, enhancing trust with […]
Maximizing Your Small Business Tax Return
Running a small business is both rewarding and challenging. One of the key responsibilities that come with it is managing your taxes effectively. As a business owner, ensuring you get the most out of your tax return can positively impact your bottom line. Here’s a guide to help you maximize your small business tax return, […]
Augusta Rule: A Tax Benefit for Homeowners
Homeowners have the opportunity to take advantage of a unique tax benefit, commonly referred to as the Augusta Rule. Officially known as Section 280A(g) of the Internal Revenue Code, this provision allows homeowners to rent out their primary residence or a second home for up to 14 days per year without having to report the […]