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BOI Updates as of 9/18/2024

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, 20241 min read

ERC Updates as of 9/17/2024

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, 20241 min read

The Department of Labor Makes It Harder To Higher Independent Contractors

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, 20242 min read

Aircraft Tax Deductions: Overcoming Passive Loss Limits

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, 20242 min read

Side Fund Increases Benefits When Cutting Social Security Tax

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, 20241 min read

Tax Planning In Winter and Summer

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, 20242 min read

1099s for Corporations and Other 1099 Surprises

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, 20243 min read

Know the 15 Exceptions to the 10 Percent Penalty on Early IRA Withdrawals

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, 20246 min read

Cost Segregation: A Great Strategy When?

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, 202413 min read

Adding Clarity: Replace Roof, Write Off the Old Roof

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, 20244 min read

Self-Employment Taxes for Active Limited Partners

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, 20248 min read

Shutting Down a Partnership: Tax Implications

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, 202410 min read

Selling Your Home To Your S-Corporation

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, 20246 min read

Tax Reform Doubles Down On S Corporation Reasonable Compensation 

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, 20241 min read

Your Co-owned Business Probably Needs a Buy-Sell Agreement

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, 202410 min read

Tax Rules for Providing Free Meals and/or Lodging to Employees

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, 20248 min read

Tax Reform Doubles Down on S Corporation Reasonable Compensation

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, 20246 min read

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