Godbold, Romanov & Love CPAs

Godbold, Romanov & Love CPAs Welcome to the page of Godbold, Romanov & Love CPAs. Certified Public Accounting Firm

The line between a hobby and a business isn’t always obvious — but it can have a major impact on your taxes. Learn what ...
06/22/2026

The line between a hobby and a business isn’t always obvious — but it can have a major impact on your taxes. Learn what the IRS looks for and how to strengthen your position as a for-profit business.

Do you operate a side gig in addition to your regular day job? Whether you’ve turned a love for crafting into an online store or you play the guitar at a local venue, you’ll need to report the income from your sideline activity on your tax return. But can you deduct the related expenses? The [.....

A like-kind exchange can be a valuable tax-deferral strategy — but only if you follow the rules. Learn four common myths...
06/19/2026

A like-kind exchange can be a valuable tax-deferral strategy — but only if you follow the rules. Learn four common myths that can lead to missed opportunities or costly mistakes.

If you’re a real estate developer or a small business owner who owns commercial real estate, you might be thinking about selling a property. If it has appreciated significantly, a Section 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exch...

Self-employed individuals often miss legitimate tax savings. Don’t let this happen to you. Learn the basics of claiming ...
06/08/2026

Self-employed individuals often miss legitimate tax savings. Don’t let this happen to you. Learn the basics of claiming business expense deductions, including those for your home office, meals, vehicle and more.

If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or m...

Not all intangible assets are created equal in the eyes of the IRS. Learn the federal income tax treatment for capital v...
06/04/2026

Not all intangible assets are created equal in the eyes of the IRS. Learn the federal income tax treatment for capital vs. noncapital self-created intangibles — and why the distinction matters to small business owners.

Many modern businesses rely on intangible assets, such as goodwill, trademarks and customer lists. But the IRS doesn’t treat all intangibles the same way. Questions about how these assets are taxed often arise when a business is sold, ownership changes hands, or intellectual property is licensed o...

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think aga...
05/28/2026

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think again. Many self-employed individuals are eligible for contributions without realizing it.

Self-employed? Don’t overlook a Roth IRA Some small business owners overlook Roth IRAs because they assume their income is too high for them to qualify to make Roth contributions. Others may think their current tax rate is higher than it will be in retirement, making current tax deductions more va...

Certain small businesses may qualify for various federal tax breaks. But different tax provisions use different size tes...
05/26/2026

Certain small businesses may qualify for various federal tax breaks. But different tax provisions use different size tests. Read on to learn more about big tax breaks for small businesses that meet one such test.

Although your business may seem big to you, you may wonder how the government classifies it for tax purposes. If your organization qualifies as a “small business,” you may enjoy several important tax advantages. But the rules for specific tax provisions vary. So, depending on your size, you migh...

Small business owners, beware: Tax identity theft is a costly, ongoing threat. Learn the warning signs and ways to forti...
05/11/2026

Small business owners, beware: Tax identity theft is a costly, ongoing threat. Learn the warning signs and ways to fortify your defenses.

Tax Identity Theft

Does your business own commercial real property? A closer look at your building costs could change how quickly you can d...
05/04/2026

Does your business own commercial real property? A closer look at your building costs could change how quickly you can deduct those expenses. A cost segregation study can uncover tax savings hidden in plain sight.

Cost segregation and tax savings

C corporation shareholders usually owe tax on gains from selling stock. But with qualified small business (QSB) stock, o...
04/28/2026

C corporation shareholders usually owe tax on gains from selling stock. But with qualified small business (QSB) stock, owners hold the key to a potential gain exclusion. Is this strategy right for your business?

Unlock tax-free gains with QSB stock

LLC and LLP owners: Can you deduct your business losses this year? The answer may depend on whether your activity is con...
04/22/2026

LLC and LLP owners: Can you deduct your business losses this year? The answer may depend on whether your activity is considered passive under the IRS’s passive activity loss rules.

Material Participation in LLC and LLP

Address

1131 48th Avenue N, Ste A
Myrtle Beach, SC
29577

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+18434976116

Website

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