New Crypto Tax Reporting Rules Are Coming Soon If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for…

IRAs for Young Adults As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the…

Tax Implications of Selling Qualified Improvement Property (QIP) You need to think about the sale of your rental property when you claim depreciation on your…

The IRS Annual Dirty Dozen List Have you heard about the enormous tax savings you can reap by investing in a Maltese individual retirement arrangement…

Estimated Tax Penalties The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security…

Do You Qualify as a Tax Law-Defined Professional Gambler? When it comes to taxes, the tax code treats professional gamblers better than recreational gamblers. Unlike…

New 1099-K Filing Rules Delayed Again Do you sell goods or services and receive payment through a third-party settlement organization (TPSO)? If so, you must…

Corporate Transparency Act Requires BOI Reporting to FinCEN The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes…

Deducting Start-up Expenses for a Rental Property Are you interested in becoming a commercial or residential landlord? If so, you’ll likely have to shell out…

Beat the Net Investment Income Tax Here is some important information regarding the net investment income tax (NIIT), which may be relevant to your financial…

New FinCEN Filings Go into Effect on January 1 For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and…

Last-Minute Vehicle Purchases to Save on Taxes Here’s an easy question: Do you need more 2023 tax deductions? If the answer is yes, continue reading.…

Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family Are you thinking of getting married or divorced? If so, consider December 31, 2023, in your…

Last-Minute Section 199A Tax Reduction Strategies Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up…

Last-Minute Year-End Retirement Deductions The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that…

Last-Minute Year-End Medical Plan Strategies All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that…

Last-Minute Year-End Tax Strategies for Your Stock Portfolio When you take advantage of the tax code’s offset game, your stock market portfolio can represent a…

Last-Minute Year-End General Business Income Tax Deductions The purpose of this article is to reveal how you can get the IRS to owe you money.…

Tax-Free Rental Income with the Augusta Rule The Augusta rule gets its name from the Masters Golf Tournament, where some members and others who live…

Deduct Travel by Car, Train, Plane, or Boat Say you are going to travel from your home in Washington, D.C., to San Francisco. Will the…

Donating Clothing to Goodwill and the Salvation Army As the year comes to a close, many taxpayers consider making clothing and household item donations both…

Key Insights into Depreciation Here are some crucial insights into depreciation, particularly regarding business or rental assets. When Does Depreciation Start? Technically, depreciation begins not…

Act Now! Get Your Safe-Harbor Expensing in Place For 2024, you can elect the de minimis safe harbor to expense assets costing $2,500 or less…

HSAs for Business Owners When enacted, the Affordable Care Act (ACA) eliminated most small-business health plans that reimbursed individually purchased health insurance. Consequently, many small…

Holding Real Property in a Corporation: Good or Bad Idea? As the real estate market has cooled off in many parts of the country, investing…

Big Tax Break: Qualified Improvement Property Do you own or lease non-residential (think “commercial”) real property for your business, or rent non-residential real property to…

Reverse Mortgage as a Tax Planning Tool When you think of the reverse mortgage, you may not think of using it as a tax planning…

Selling Your Home to Your S Corporation The strategy behind creating an S corporation and then selling your home to that S corporation comes into…

Make Sure You Grab Your Home Internet Deduction If you do some work at home, you’re probably using your home internet connection. Are your monthly…

Tax Implications When Your Vacation Home Is a Rental Property If you have a home that you both rent out and use personally, you have…

Send Tax Documents Correctly to Avoid IRS Trouble You have heard the horror stories about mail sent to the IRS that remains unanswered for months.…

Partnership with Multiple Partners: The Good and the Bad The generally favorable federal income tax rules for partnerships are a common reason for choosing to…

Health Savings Accounts: The Ultimate Retirement Account It isn’t easy to make predictions, especially about the future. But there is one prediction we’re confident in…

Update on State Pass-Through Entity Taxes Beating the SALT Here are some critical updates on the pass-through entity tax (PTET), which has recently become the…

ICHRA Unleashed: Transforming Small Business Health Benefits The individual coverage health reimbursement arrangement (ICHRA) allows businesses of all sizes, from large corporations to small businesses…

The QSEHRA Health Plan If you’re a small employer (fewer than 50 employees), you should consider the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) as…

The Kiddie Tax and How to Avoid It The kiddie tax was enacted by Congress to prevent parents from passing investment income to their children,…

Strategic Insights for Employing Your Spouse If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a…

Shutting Down a C Corporation There are several tax implications that you need to be aware of when shutting down a C corporation. Complete liquidation…

Claim Your 2020 COVID Sick and Family Leave Credit Today You may have overlooked potential COVID-19 sick and family leave tax credits on your 2020…

Act Now to Qualify for Your 2020 and 2021 ERC Money It’s 2023, but you still have the chance to qualify for the employee retention…

One Ugly Rule for S Corp Owners Deducting Health Insurance When your S corporation covers or reimburses your more-than-2-percent-shareholder-employee health insurance expenses, it classifies the…

Basic Estate Planning You need an estate plan, regardless of whether or not you are among the ultra-rich. As recent news has shown, even those…

Using Family Loans to Secure Better Home Loan Interest Rates Here’s some information on how you can help a family member buy a home by…

Tax Credits for Electric Vehicles: The Latest from the IRS The IRS recently issued new guidance on electric vehicles. There are four ways you can…

Take Advantage of the Once-in-a-Lifetime IRA-to-HSA Rollover Health Savings Accounts (HSAs) are designed for use alongside high-deductible health plans, assisting you in covering your medical…

Business Gym for Your Employees, and Maybe You Too To be tax-deductible, your gym or other athletic facilities must be primarily for the benefit of…

If I Hire My Kids, Can I Give Them Tax-Free Education Benefits? If your children work in your business, consider giving them education fringe benefits.…

Know the $75 Rule for Business Expenses The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize…

Avoid This Family-Member S Corporation Health Insurance Mistake There are two important issues related to health insurance deductions for S corporations. First, if you own…

Are You a Regular Investor or a Tax-Favored Securities Trader? As we navigate the recent volatility in the stock market, you may want to think…

Helicopter View of 2023 Meals and Entertainment As you may already know, there have been some major changes to the business meal deduction for 2023…

Plan Your Passive Activity Losses for Tax-Deduction Relevance In 1986, lawmakers drove a stake through the heart of your rental property tax deductions. That stake,…

SECURE 2.0 Act Creates New Tax Strategies for RMDs As you are likely aware, if you have an IRA or other tax-deferred retirement account, you…

2023 Health Insurance for S Corporation Owners: An Update Here’s an update on the latest developments in 2023 health insurance for S corporation owners. As…

How to Section 1031 Exchange into a Delaware Statutory Trust As you likely know, the Section 1031 tax-deferred like-kind exchange is one of the greatest…

Is Airbnb Rental Income Subject to Self-Employment Tax? Do you owe self-employment tax on Airbnb rental income? That’s a good question. In Chief Counsel Advice…

When Cancellation of Debt (COD) Income Can Be Tax-Free Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading…

Paying Your Child: W-2 or 1099? Here’s a question I received from one of my clients: “I will hire my 15-year-old daughter to work in…

Self-Employment Taxes for Partners and LLC Members Here’s a question: Does a member of a limited liability company (LLC) or a partner in a partnership…

Self-Employment Tax Basics If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you…

Investing in Treasury Inflation-Protected Securities (TIPS) The Fed is finally taking aggressive action to fight inflation, but will it work? Where’s the stock market headed?…

New Business Tax Credits for Your Electric Vehicle Purchases   You may have heard that the newly enacted Inflation Reduction Act includes an expanded tax credit…

Claiming the ERC When You Own Multiple Entities Do you qualify for the employee retention credit (ERC)? Did you claim it? It’s not too late.…

New and Improved Energy Tax Credits for Homeowners The president signed the Inflation Reduction Act into law on August 16, 2022. It contains some valuable…

Earn 9.62 Percent Tax-Deferred Interest with Series I Bonds Inflation is seldom a good thing. But when it comes to investing, the U.S. Treasury Department…

Claim Your Employee Retention Credit If you had W-2 employees in 2020 and/or 2021, you need to look at the Employee Retention Credit (ERC). As…

Buying an Electric Vehicle? Know These Tax Law Changes There’s good and bad news if you’re in the market for an electric or plug-in hybrid…

Avoid These Mistakes When Converting to an S Corporation   At first glance, the corporate tax rules for forming an S corporation appear simple. They are…

Say Goodbye to 100 Percent Bonus Depreciation All good things must come to an end. On December 31, 2022, one of the best tax deductions…

Selling Your Appreciated Vacation Home? Consider the Taxes The tax-code-defined vacation home rules come into play when you have both rental and personal use of…

Transferring Your Home to Your Adult Child With today’s home prices and the crazy real estate market, it’s likely difficult for your children to buy…

Donor-Advised Funds: A Tax Planning Tool for Church and Charity Donations Do you give money to 501(c)(3) charities? Do you get a tax benefit from…

The IRS Wants to Know about Your Crypto Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is…

Are Self-Directed IRAs for Real Estate a Good Idea? The stock market is tanking while real estate continues to skyrocket. If your retirement savings have…

Deduct a Cruise to Mexico You may not have thought of this, but taking a cruise ship to Mexico for a business meeting is acceptable…

Alert: A Massive New FinCEN Filing Requirement Is Coming Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability…