Editor’s Note: This post is focused on helping you understand profit and loss statements. This financial statement is used by most small business owners to help assess business profits and losses ...

If you own rental property, you’ll need to file a Schedule E tax form with the IRS to report rental income income or losses. Schedule E is filed along with your Form 1040 individual income tax return.

At some point, you’ve probably heard the phrase, “It takes money to make money.” But if you’re not careful, it’s easy for expenses to spiral out of control — and you could end up making little to no ...

Accumulate all expense and revenue records throughout the month and turn them into a profit-and-loss statement, also called a financial statement or a statement of earnings. Gather carrier settlement ...

As tax season approaches, you might be asking yourself, "Is rental income taxable?" Or, "Do you pay tax when you sell a rental property?" The short answer is that it depends. Rental income is often ...