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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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