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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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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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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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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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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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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