Quick Note, generally credit card rewards for personal use (and consistent with the below for business use) are not taxable. As a rebate of the amount spent, the rewards are not income. Credit card rewards earned on business purchases are treated
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What Most Real Estate Sellers Get Wrong About Their Tax Bill (And How to Fix It Before You Sell) When real estate sells, the IRS doesn’t tax the sale price — it taxes the gain. And the gain is whatever the IRS
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The Strategic Advantage of Filing a Tax Extension for Business Owners and Real Estate Investors Let me start with telling you a secret, I always file an extension. For both my business and personal income tax returns as standard practice. Why not,
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If you operate your business as an S corporation or C corporation, there is one issue that consistently creates problems for otherwise well-advised taxpayers: reasonable compensation. It is not a technical nuance. It is not an optional planning concept. It is one
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California’s latest high-profile tax (ill conceived) idea is a proposed ballot initiative dubbed “The 2026 Billionaire Tax Act” (Initiative 25–0024). Even though it’s not law (and isn’t even guaranteed to qualify for the ballot yet), it’s already influencing how some founders, investors,
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Real estate investing can be lucrative with proper planning and execution, albeit if you’re not careful or have an experienced tax advisor, you could learn after the fact you owe much more in tax than you expected or planed for. Here, we’ll
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Innocent Spouse Rule — (formally under 26 USCS §6013(e)) — A hardship prevention measure when one spouse (the non-innocent spouse) doesn’t report income, thereby leaving the remaining “innocent spouse” to pay deficiencies. Generally, when married couples file a joint tax return, they
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The rise of pro-am platforms like OnlyFans, Fansly, ManyVids, and subscription-based content services has created a rapidly growing class of entrepreneurs: adult and mature content creators. While many creators start casually or as a side-hustle, those generating meaningful income are operating legitimate
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Shareholder basis can not go below zero Shareholder basis is based on capital investment as well as debt (loans to the corporation) Each year, the shareholder must recalculate their basis based on loans, profit or loss, and distribution/dividends Calculating an S corporation
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