Learning Center for Tax and Financial Insights

Stay updated with clear, actionable articles on tax rules, deadlines, deductions, and financial decisions that impact individuals and businesses.

Service revenue in accounting featured graphic with NR CPAs branding, income account recording and journal entry basics
For Business
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Published:
October 23, 2026
Read Time:
12 min

What Is Service Revenue in Accounting and How Is It Recorded

Service revenue in accounting is income earned by performing work, credited when the service is done. It is neither an asset nor a liability under ASC 606.

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Taxes
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Published:
October 22, 2026
Read Time:
17 min

Does BMW X5 Qualify for Section 179 and How Much Can You Claim?

Most BMW X5 trims qualify for Section 179 with a GVWR above 6,000 pounds and over 50% business use: up to $32,000 of Section 179 plus 100% bonus on the rest.

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For Business
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Published:
October 20, 2026
Read Time:
16 min

Where Is Section 179 on Tax Return and Who Qualifies for It?

Section 179 is claimed on Form 4562, Part I, line 12, then flows to Schedule C line 13, Form 1120 line 20, or Schedule K for partnerships and S corporations.

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Qualified real property for Section 179 featured graphic with NR CPAs branding, roofs, HVAC, fire protection and security systems
Taxes
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Published:
October 19, 2026
Read Time:
10 min

What Is Qualified Real Property for Section 179 and What Counts

Qualified real property for Section 179 is QIP plus roofs, HVAC, fire protection and security systems on nonresidential buildings, up to $2,560,000 in 2026.

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For Business
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Published:
October 18, 2026
Read Time:
18 min

Does a Single-member LLC Pay Self-Employment Tax?

Yes. A single-member LLC is a disregarded entity, so the owner pays 15.3% self-employment tax on net profit over $400 through Schedule C and Schedule SE.

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Taxes
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Published:
October 17, 2026
Read Time:
22 min

Does Section 179 Apply to Used Vehicles and Who Qualifies for It?

Yes. A used vehicle qualifies for Section 179 if it is new to your business, bought at arm's length, used more than 50% for business, and placed in service that year.

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