June 25, 2024 Key Insights into Depreciation Here are some crucial insights into depreciation, particularly regarding business or rental assets. When Does Depreciation Start? Technically, depreciation begins not when you use an asset but when it’s ready and available for its intended purpose. For instance: • A rental property begins depreciating when it’s available to …
When it comes to taxes, the tax code treats professional gamblers better than recreational gamblers. Unlike recreational gamblers, professionals get to deduct all their gambling expenses (including travel, lodging, and meal expenses) up to their annual winnings, without itemizing. This is a big advantage. If you gamble a lot, you could benefit by qualifying as …
Do You Qualify as a Tax Law–Defined Professional Gambler? Read More »
IRAs for Young Adults As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). Now is the perfect time to consider how you can leverage an IRA. Traditional and Roth IRAs: A Brief Overview Both traditional and Roth IRAs offer unique benefits, so the choice between …
Selling Your Home to Your S Corporation June 4, 2024 If you want to convert your home to a rental property, you can improve your tax benefits by selling it to your S corporation. Benefits of Selling Your Home to Your S Corporation · Tax savings on home sale profit. By selling your home to …
Did you know that you can group activities for real estate depreciation? Let’s expound on this… Common Situation Issue with Common Situation Solution: Grouping of Activities: Reg §1.469 Qualifications for Grouping One Activity is Insubstantial in Relation to the Other Insubstantial is not clearly defined, but there are some guidelines: Grouping Activities Together Results in …
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership information (BOI) report with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN). The BOI report identifies and provides contact information …
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket. Two Main …
Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel Read More »
If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for sweeping new tax reporting requirements. Congress wants the IRS to crack down on taxpayers who buy and sell crypto but don’t report or pay tax on their gains. To do so, it wants people and companies that facilitate …
Get up to $32,220 in Sick and Family Leave 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, we will need you to get your act together so we can file amended 2021 and …
Get up to $32,220 in Sick and Family Leave Tax Credits Read More »
Estimated Tax Penalties The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as income is earned, whether through withholding, by making estimated tax payments, or both. You suffer an estimated …
