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Tax Code–Defined Statutory Employees Are Hybrid SelfEmployed
Tax law carved out a unique category of worker—the statutory employee. The term “statutory employee” can mislead you into thinking the worker is an employee. Nope—this worker is not a traditional empl... ...more
Tax
April 08, 2025•2 min read
CA, IL, and NY Laws Require Written Freelance Agreements
Various trade groups, such as the Freelancers Union, have been trying to get states to enact additional legal protections to help them. They’ve succeeded in three of the largest states—California, Ill... ...more
Tax
April 01, 2025•1 min read
Backdoor Roth IRA Conversions: Smart Move or Hidden Tax Trap?
This analysis focuses on how high-income individuals can beat the system by making annual Roth contributions via so-called backdoor Roth conversions. Backdoor conversions have gotten a lot of recent a... ...more
Tax
March 26, 2025•1 min read
IRS Incorrectly Disallows $120,000 Tesla Model X Tax Write-Off
Did you purchase a 2022 Tesla Model X (or a similar vehicle) and claim 100 percent bonus depreciation on your 2022 tax return? If so, you should know that the IRS has incorrectly disallowed these dedu... ...more
Tax
March 06, 2025•2 min read
Deducting Disaster Losses for Individuals: Navigating the Rules
The federal tax law provides relief if a disaster—such as a fire, flood, or hurricane—damages your personal (non-business) property, including your home, belongings, and vehicle. You may be able to de... ...more
Tax
March 01, 2025•2 min read
Trump & Taxes
As the new presidential term approaches, we’re watching closely to see how potential changes in tax policy could impact our clients, especially investors and business owners. With President-elect Trum... ...more
Tax
November 12, 2024•2 min read
BOI Updates as of 9/18/2024
Deadlines If your business existed as of January 1, 2024, you must file your BOI report by January 1, 2025. If you created your business in 2024, you have 90 days from the date of filing with your s... ...more
Tax
September 18, 2024•1 min read
ERC Updates as of 9/17/2024
The IRS introduced a second ERC Voluntary Disclosure Program for 2021 claims. Under this program, you can say, “I didn’t deserve the ERC, so I’ll repay 85 percent of my claimed ERC and retain 15 perce... ...more
Tax
September 17, 2024•1 min read
The Department of Labor Makes It Harder To Higher Independent Contractors
Does your business classify workers as independent contractors instead of employees? You should know that the U.S. Department of Labor is trying to make it harder for all businesses to use independent... ...more
Tax
September 14, 2024•2 min read
Aircraft Tax Deductions: Overcoming Passive Loss Limits
Here are some important tax strategies for your aircraft operations that could help you overcome passive loss limitations and maximize your deductions. ...more
Tax
September 08, 2024•2 min read
Side Fund Increases Benefits When Cutting Social Security Tax
After our discussion about ways to save on your Social Security taxes, you might be wondering how these savings impact your Social Security benefits. After all, paying less into Social Security result... ...more
Tax
September 07, 2024•1 min read
Tax Planning In Winter and Summer
You can plan your tax-deductible business life to avoid cold winters and hot summers. Spend a moment examining the following four short paragraphs containing the Andrews case’s basic facts. For six... ...more
Tax
September 04, 2024•2 min read
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
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