Update on State Pass-Through Entity Taxes Beating the SALT
Here are some critical updates on the pass-through entity tax (PTET), which has recently become the rule in most states rather than the exception. The PTET enables owners of pass-through businesses, such as S corporations and multi-member LLCs, to navigate around the $10,000 annual limit on state and local taxes (SALT). How PTET Works The […]
Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket. Two Main […]
Are you a home office cleaner service provider?
I wanted to offer some insights regarding an important tax aspect related to the cleaning services at your home office. As you have a home office that qualifies for a home-office deduction and you employ a cleaning lady—let’s call her Annie—who maintains both your home and your home office, there are a couple of tax […]
Are you struggling to keep your business finances in order?
Starting new ones should be easier than breaking old, established ones. And when it comes to your knowledge about your company’s financial health, it’s good to develop practices that you eventually do without even thinking about them. Open the Income Tracker. This is the best way to get a quick look at the status of […]
Don’t Miss Out The Importance of Amended Tax Returns
It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more tax due or a refund, it should not be dismissed. Failing to report […]
Dodging Tax Penalties: The IRS Form 8275 Explained
Are you considering a bold tax position that may significantly reduce your taxes? If approved by the IRS, it’s a win. But if disapproved, be prepared to face a considerable tax penalty. The IRS imposes a 20 percent penalty for substantial tax underpayment. For instance, if the IRS finds you underpaid your taxes by $50,000, […]
Are you struggling to keep your business finances in order?
Mastering QuickBooks: Financial Health Check Practices Starting new ones should be easier than breaking old, established ones. And when it comes to your knowledge about your company’s financial health, it’s good to develop practices that you eventually do without even thinking about them. Open the Income Tracker. This is the best way to get a […]
Did you overlook something on a prior tax return?
It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more tax due or a refund, it should not be dismissed. Failing to report […]
Get up to $32,220 in Sick and Family Leave Tax Credits
If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, we will need you to get your act together so we can file amended 2021 and 2020 tax returns now. You could find up to $32,220 in […]
IRAs for Young Adults
As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching on April 15, 2024, now is the perfect time to consider how you can leverage an IRA. Traditional and Roth IRAs: A Brief Overview Both traditional and Roth […]