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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Roth IRA contributions are made with after-tax dollars or through a 529 rollover starting in 2024. Generally, eligibility of contributing to a Roth IRA is based on your income and type of income. Generally, as a single person, your Modified Adjusted Gross
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Cost Segregation Studies break out your rental components into different depreciation schedules Cost Segregation Studies often do not require an engineer to visit your property, making the cost much more affordable than many real estate investors realize Cost Segregation of rental properties
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Business Tax advisory and tax preparation Tax preparers are NOT tax advisors, so know the difference Almost all tax preparers do not provide meaningful tax advisory and planning, they simply prepare tax returns as quickly as they can with minimal surface-level advice
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2017 Tax Changes removed the ability to reduce income based on unreimbursed expenses. Taking an expense approach with a home office may leave you with a future tax bill for depreciation recapture. An Accountable plan allows business owners to reduce business income,
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Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and software bought or financed during the tax year, up to a specified limit Often Confused with “Bonus Depreciation,” albeit there are different benefits
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* Please click HERE see out schedule of fees to know what you may expect for fees* The IRS Fresh Start Program, isn’t exactly a ‘new’ program given how long it’s been around. First introduced in 2011, when the IRS implemented a
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An open and transparent list of fees and offerings is important to understand your investment in reaching a resolution, and thus, you can anticipate the following fee schedule starting with tax advisory services, followed by tax resolution services. Initial Meeting for Personal
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For both new and experienced rental property owners, navigating the complexities of real estate lease agreements can be challenging, and even seasoned professionals can make mistakes. Some of these mistakes can be painfully expensive as was recently demonstrated in a Wisconsin real
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As of late 2024, employees generally can’t expense (write off) work related expenses and cost nearly to the level of business owners. Some exceptions do apply, including if the use of a home office is for the convenience of the employer. Sadly,
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