All Forum Posts by: Steven Bialecki

Thanks! Usually, if the deposit is refundable, we keep it on the books as a liability until we either perform the service or give it back.  Unless it is specifically outlined in the service contract for a certain timeline for revenue to be nonrefundable.  Additionally, as long as you can show a clear consistent pattern of revenue recognition for services yet to be performed you could have a precedent to recognize the revenue.  That situation is what I like to cal the Chuck E Cheese situation :) After a certain time, those tokens can be recognized as revenue even if they are still in my shorts from 30 years ago.

Are you getting paid before delivering products or services? That’s called deferred revenue, and it can significantly impact how you report income and liabilities. This quick guide breaks down what deferred revenue is, how it works, and how to record it properly—especially crucial for subscription services, insurance premiums, or any business collecting advance payments.

Key Takeaways:

Deferred revenue is recorded as a liability until you fulfill the service or deliver the product.

Once you deliver on your obligation, move the amount from deferred revenue to earned revenue on your income statement.

Proper tracking and recognition of deferred revenue helps ensure accurate financials and keeps you tax-ready.

Will Venmo be taxed in 2025?

After multiple delays in implementing the threshold, the magic number for the 2024 tax year is $5,000. Starting in the 2025 tax year, anyone earning more than $2,500 will be sent a 1099-K. The threshold will once again lower in the 2026 tax year, with anyone who hits $600 receiving a form.

Hey Jackson, 

Newer on here but its very surprising there isnt much activity in this area.  Lets connect and discuss when you get time.

Thanks

Steven Bialecki

📢 March 2025 Business Tax Deadlines – What You Need to Know!

🚨 Tax season is here! If you own a business, now is the time to get ahead of key deadlines to avoid IRS penalties and maximize deductions.

📅 March 2025 Tax Deadlines:
✔️ March 17 – S-Corp (1120-S) & Partnership (1065) tax returns due (if not filing an extension).
✔️ March 21 – BOI (Beneficial Ownership Information) Reporting Deadline – New requirement for many businesses.
✔️ March 31 – Final deadline to correct & e-file 1099 forms before penalties increase.

💰 Tax Deductions Business Owners Shouldn’t Overlook:
🏠 Home Office Deduction – If you use a part of your home exclusively and regularly for business, you can deduct a portion of rent, mortgage, utilities, and internet. Use either the simplified method ($5 per sq. ft., up to 300 sq. ft.) or actual expenses.
🚗 Mileage Deduction – Standard $0.67 per mile or actual vehicle expenses.
💼 Startup Costs – Deduct up to $5,000 in the first year (if total costs are under $50K).
📢 Marketing Expenses – Ads, branding, and website costs are fully deductible.

⚠️ IRS & BOI Penalties to Avoid:
🛑 Late business tax filings = 5% penalty per month on unpaid taxes (up to 25%).
🛑 BOI Reporting non-compliance = $591 per day in fines, up to $10,000 + potential jail time.

Final Tip: Many business owners work with a CPA to ensure tax compliance and maximize deductions. If you haven’t checked in with yours yet, now is the time!

📢 How are you preparing for tax season? Drop your questions or tax strategies below! 👇👇

Michael, you are absolutely correct.  Thank you for expanding on this.  

SEP IRA contributions can be made until the tax filing deadline, whichever yours may be, even if you have filed early. While you don't have to wait to file your taxes before funding your SEP IRA, making the contribution before ensures you accurately reflect it in your return and maximize your tax savings upfront. Also, it can avoid filing an amendment.

Another great point on eligibility- SEP IRAs require net self-employment income from activities like 1099 contract work, real estate sales, wholesaling, or other self-employment business income.

Passive income as you have highlighted, does not qualify. REPS can allow real estate investors to treat certain income as non-passive. However, SEP IRA contributions require earned income from active participation in a business or trade.

Our goal with posts like these are to increase awareness of all the options that may be available to them, like this one. While you may not qualify, it's crucial to know what exists so you can have informed discussion with your accountant. Many people miss out on things like this because they simply are not aware of these options. Since there are not many ways to reduce taxes retroactively for a previous year, understanding options like these can be particularly valuable at this time of year.

You can lower your taxable liability for 2024 while boosting your retirement savings.

You have to do this BEFORE you file your taxes.

Contribute up to 25% or $66k into a SEP IRA.

Have you looked into this yet?

Thanks Sean!  Would you be open to connecting sometime this week to see if we can create some synergy between our businesses?

Hey BiggerPockets Community! 👋 Excited to be part of such a great network of investors!

I’ve been working with real estate financials for a while, and I keep seeing one mistake that costs investors thousands: poor bookkeeping leading to missed tax deductions.

🚨 Common issues I see:

❌ Not properly tracking repairs vs. capital improvements

❌ Missing out on cost segregation & depreciation write-offs

❌ Scrambling at tax time instead of planning proactively

I’d love to hear from the group—what’s been your biggest tax headache as an investor? Let’s talk strategies to help all of us keep more of our hard-earned money! 💰

Your books organized, accurate, and tax-ready in just 2 weeks—guaranteed, or your next month is free.

We help real estate professionals and small business owners by providing monthly consults with your dedicated accountant, cutting-edge mobile tools, and a secure client portal. the bookEase saves you time and money, helps you avoid penalties, and arms you with the information needed to make smarter business decisions confidently—fast, affordable, and risk-free.

Why Act Now?

Tax season is approaching fast, and we onboard only 10 new clients per month to ensure top-tier service. With just 3 spots remaining, don’t wait!

💼 Getting Started is Effortless Simply upload your documents securely by .

🎁 Claim your complimentary “The 2025 Real Estate Tax Strategy and Bookkeeping Guide” ebook today

📢 Limited-Time Offer: Starting March 1, prices will increase by 5% each week until April 1 to avoid last-minute chaos and ensure quality for early clients.

🎯 What’s costing you more—your time or your peace of mind?

70% of accountants are retiring in the next 10 years, while the number of new CPAs entering the market has dropped by 70%. There are more business owners today than ever before. They are looking for help—and we want to be the ones to provide it.

Paying a CPA or tax attorney to do your bookkeeping is like paying Tom Brady to kick field goals. We handle the blocking and tackling so your CPA can focus on high-value tasks like tax filing and strategy and acting as your CFO. We insist on it.

Thank you,

Steven Bialecki

Founder, CEO

the bookEase

Clarity Control Growth

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