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,
Read More
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
Read More
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
Read More
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
Read More
Most new as of 2024 businesses are required to file within 90 days of registering the company Most new businesses starting January 1st, 2025 are required to file within 30 days of registering the company Other businesses have until the end of
Read More
IRS tax transcripts are important documents that provide detailed information about a taxpayer’s tax return and account. IRS tax transcripts allow a taxpayer, as well as a tax attorney representing a taxpayer to know what information the IRS has, as well as
Read More
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
Read More
Failure to file can result in up to $500 a day in penalties Many businesses are exempt from filing, however, you want to make sure you property determine if you are or are not exempt. The stated purpose is to uncover criminal
Read More
Quick important note: Unless you have been living under a rock in the last year, you most likely heard (and still hearing) ads promoting businesses to take the Employee Retention Credit (ERC). Many of the ads are from unscrupulous advisors without credentials,
Read More
Some relief from the California storms Due to the intense storms hitting California in late 2022 and early 2023, the IRS announced in February this year a significant extension of the deadlines for filing and payment of various taxes until October 16,
Read More