Frequently Asked Questions
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1099s for Corporations and Other 1099 Surprises
As a business owner, you're likely familiar with the requirements for issuing Form 1099-NEC for payments of $600 or more to individuals for services. However, you might be surprised to learn that cert... ...more
Tax
July 10, 2024•3 min read
Know the 15 Exceptions to the 10 Percent Penalty on Early IRA Withdrawals
If you find yourself needing to take money out of your traditional IRA(s) before age 59 1/2, it's essential to understand the rules and exceptions regarding early withdrawals. ...more
Tax
July 08, 2024•6 min read
Cost Segregation: A Great Strategy When?
One of the greatest tax benefits of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money. ...more
Tax
July 01, 2024•13 min read
Adding Clarity: Replace Roof, Write Off the Old Roof
When you replace a structural component in a building, you likely can realize substantial savings. The write-off of the old roof creates three tax benefits for you: An immediate ordinary loss write-o... ...more
Tax
June 28, 2024•4 min read
Self-Employment Taxes for Active Limited Partners
When do limited partners have to pay self-employment taxes on their distributive share of partnership income? Although limited partnerships have been around for decades, there has never been a definit... ...more
Tax
June 25, 2024•8 min read
Shutting Down a Partnership: Tax Implications
You and one or more other individual co-owners operate a business or investment activity as a partnership and now intend to shut it down. You won’t be surprised to hear that there will be federal inco... ...more
Tax
May 28, 2024•10 min read
Selling Your Home To Your S-Corporation
Are you looking to make some cash by turning your home into rental property? If you do this the right way, you can increase your cash flow with almost no additional effort. ...more
Tax
May 25, 2024•6 min read
Tax Reform Doubles Down On S Corporation Reasonable Compensation
From 2018 to 2025, the Tax Cuts and Jobs Act is offering a 20 percent deduction on pass- through business income, with specific eligibility criteria. This deduction impacts the choice of entity. For i... ...more
Tax
April 16, 2024•1 min read
Your Co-owned Business Probably Needs a Buy-Sell Agreement
A well-drafted buy-sell agreement provides financial protection for you and your heirs. Ditto for the other co-owners and their heirs. The agreement can also help minimize income taxes and avoid estat... ...more
Tax
April 04, 2024•10 min read
Tax Rules for Providing Free Meals and/or Lodging to Employees
Here’s the good news: Section 119 of our beloved Internal Revenue Code allows your business to provide free meals and/or lodging to employees on a tax-free basis in limited circumstances.“Tax-free” me... ...more
Tax
April 02, 2024•8 min read
Tax Reform Doubles Down on S Corporation Reasonable Compensation
For tax years 2018-2025, the Tax Cuts and Jobs Act (TCJA) tax reform gives you a valuable 20 percent deduction on your pass-through business income if you have the right business and the right taxable... ...more
Tax
April 01, 2024•6 min read
Young Adults Should Take Advantage of IRAs
Here’s what you need to know about both kinds of accounts if you’re a young adult or if you have offspring in that category. That said, this article is targeted to the young adults of the world rathe... ...more
Tax
March 31, 2024•9 min read
Accounting Methods
To find your taxable income on your corporate or individual Form 1040, Schedule C, you follow an accounting method. Tax law recognizes and often allows the most common accounting methods for computing... ...more
Tax
March 20, 2024•1 min read
13 Answers on the New 2024 CTA Required BOI Reporting to FinCEN
The Corporate Transparency Act (CTA) became effective on January 1, 2024. The law will create a massive government database containing the identities and contact information of defined small corporate... ...more
Tax
March 18, 2024•10 min read
Maximizing Your Real Estate Investments: Navigating the 199A Deduction
The Tax Cuts and Jobs Act, enacted on January 1, 2018, introduced a plethora of changes, including the 199A deduction, which has become a hot topic among real estate investors. ...more
Tax
March 15, 2024•3 min read
What If My CPA Does Not File My Tax Return?
If you hire a certified public accountant (CPA) or another tax professional to prepare your taxes, you’ll ordinarily rely on him or her to electronically file your return for you. What happens if the ... ...more
Tax
March 13, 2024•6 min read
Self-employed? Amend Tax Returns for up to $32,220 in Tax Credits
If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, get your act together and file amended 20... ...more
Tax
March 11, 2024•2 min read
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