Embarking on the journey of becoming a landlord, whether in the commercial or residential real estate sector, is a promising venture. However, before you start reaping the benefits of rental income, it’s essential to understand the tax implications of the initial costs involved. In particular, start-up expenses play a crucial role in shaping the financial… Read More

As we usher in the new year, businesses in the United States are gearing up for a significant change—the implementation of the Corporate Transparency Act (CTA) on January 1, 2024. This federal mandate brings with it a fresh filing requirement for a broad spectrum of business entities, aiming to enhance transparency and curb illicit financial… Read More

As we approach the final stretch of 2023, individuals eager to optimize their tax savings are exploring strategic financial avenues. One particularly promising option gaining traction is making last-minute vehicle purchases. Acquiring a vehicle before the year concludes can yield substantial benefits, provided one navigates the process with a keen eye on tax implications and… Read More

The IRS has recently intensified its efforts to combat improper Employee Retention Credit (ERC) claims. In response to a surge in questionable claims, the IRS has taken several actions. In this article, we will delve into these actions and their implications for businesses seeking ERC relief. 1. Temporary Halt on New ERC Claims: On September… Read More

Tax season can be a stressful time, especially if you find yourself facing a hefty tax bill that you can’t pay in full. The good news is that the IRS offers solutions to help taxpayers manage their tax debt, including installment agreements and short-term extensions. In this article, we will explore these IRS payment plans… Read More

Two tax term that hold significant value are ‘safe harbor.’ Moreover, five more tax terms that bring great benefits are ‘tax-advantaged expensing without recapture.’ To establish and safeguard your safe-harbor expensing, you, your corporation, or your partnership must formally elect, on your tax return, to utilize the de minimis safe harbor for assets valued at… Read More

The Rise of Pass-Through Entity Tax (PTET) The pass-through entity tax (PTET) has emerged as a game-changing solution for owners of pass-through businesses, such as S corporations and multi-member LLCs. Previously an exception, PTET has now taken center stage in most states. This innovative approach allows businesses to circumvent the $10,000 annual limitation on state… Read More

Dealing with tax debt can be incredibly intimidating. It’s natural to feel overwhelmed and powerless in such a situation, but it’s important not to let fear and helplessness paralyze you. Every day you delay taking action, interest, and penalties continue to accumulate, potentially causing your liabilities to skyrocket and wreak havoc on your financial stability.… Read More

Proper tax planning is a crucial aspect of financial management that should be addressed throughout the year. Waiting until April to assess your tax liability is a risky move. To ensure you keep more money in your pocket, it’s essential to be aware of factors that can unexpectedly raise your taxes. Today we will explore… Read More