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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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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Regarding the proposal to tax unrealized capital gains— A recent thread discussing this within a FB group I follow had a comment that the tax on property is akin to the proposal of taxing unrealized capital gains and I pointed out the
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Updated September 2024 The rise of short-term rental platforms, including Airbnb and Vrbo has changed and revolutionized the real estate market, giving rise and opportunity to a potentially lucrative sector (along with many pitfalls): short-term rentals. For many investors, the appeal of
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Tax Resolution is finding mutually agreeable resolutions to past tax debts Offers in Compromise is settling a tax debt for less than you owe Installment Agreements are paying either some or all of your tax debt over time. Back-door Offer in Compromise
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You may be able to save considerable amount of cash in the form of tax savings by hiring your kids Your children may learn valuable business skills that they will keep for their lifetime The federal government, via tax preferential treatment encourages
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If your small business is or perhaps more importantly will be netting you over $50,000 this tax year and you’re operating your LLC as a disregarded entity, you may be paying too much in taxes. One potential strategy on reducing your tax
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