March 4, 2025 Do you own a traditional IRA, Roth IRA, SEP-IRA, or SIMPLE IRA? Usually, the income earned within these accounts is tax-free. This applies to common investments such as stocks, bonds, mutual funds, ETFs, CDs, and Treasury bills. But if your IRA makes alternative investments, it may be subject to a special tax …
Beware of UBIT Lurking in Your IRA—It Causes Double Taxes Read More »
Can Real Estate Professional Status Free Up Old Passive Losses? February 4, 2025 Deducting your rental property tax losses against your other income is tricky, as you likely know. You have to get the tax law to treat you—say, a computer engineer—as a tax-code–defined real estate professional. Let’s say you get there. Does that status …
Can Real Estate Professional Status Free Up Old Passive Losses? Read More »
January 21, 2025 Prepare for tax changes. The Tax Cuts and Jobs Act (TCJA) has been part of our tax landscape for nearly seven years, shaping how businesses and individuals plan their finances. With an eye toward the end of 2025, when many key provisions expire, here are some critical changes that could affect you …
Game On: TCJA Winners and Losers—Business on the Chopping Block Read More »
U.S. Supreme Court Makes It Easier to Challenge IRS Regulations Over the years, the IRS has enacted voluminous regulations that interpret ambiguous tax code provisions or fill in administrative gaps. Indeed, IRS regulations dwarf the tax code: the tax code is about 2,600 pages long, while all the rules written by the IRS amount to …
U.S. Supreme Court Makes It Easier to Challenge IRS Regulations Read More »
December 17, 2024 Here are some key points about renting personal property, which includes equipment, vehicles, and furniture. The tax treatment differs from real estate rentals, and how you classify the rental activity will affect how you report income, expenses, and potential self-employment tax. Classification of Personal Property Rentals The tax code treats personal property …
Know the Three Ways the Tax Law Treats Personal Property Rentals Read More »
December 10, 2024 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 months of the year, from May through October, Edward Andrews lived in Lynnfield, Massachusetts, where he owned and operated Andrews Gunite …
Tax Planning to Winter in Florida and Summer in Massachusetts Read More »
December 3, 2024 The purpose of these strategies is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are six powerful business …
2024 Last-Minute Year-End General Business Income Tax Deductions Read More »
October 29, 2024 Here are some key points about renting personal property, which includes equipment, vehicles, and furniture. The tax treatment differs from real estate rentals, and how you classify the rental activity will affect how you report income, expenses, and potential self-employment tax. Classification of Personal Property Rentals The tax code treats personal property …
Know the Three Ways the Tax Law Treats Personal Property Rentals Read More »
October 15, 2024 If you’ve recently been billed by the IRS with the claim that you owe a penalty for late filing, late payment, or missed employment tax deposits, I urge you to pause before making any payment. You may not have to pay that penalty at all. The IRS often imposes steep penalties for …
October 8, 2024 The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Deadlines If your business existed as of January 1, 2024, you must file your BOI report by January 1, 2025. If you …
BOI Reporting Deadline Is Closing In For Businesses Read More »
