Audit anxiety is something nearly every taxpayer has in common. But, have you ever considered how IRS audits actually work? The IRS processes … [Read more...] about How IRS Audits Work
business taxes
If You Got Conned in ERC Scam
You wondered at the time whether it was a scam, right? And now you regularly see news reports about ERC scams. Employee retention credit scams, that … [Read more...] about If You Got Conned in ERC Scam
A Dozen Ways to Deduct Real Estate Losses
Tax law (and especially Section 469 of the Internal Revenue Code) mostly eliminates your ability to save big on taxes using real estate. That said, … [Read more...] about A Dozen Ways to Deduct Real Estate Losses
The Self-Rental Loophole
Long ago, there was no tax code that differentiated ordinary income from passive income or ordinary losses from passive losses. Life was good for … [Read more...] about The Self-Rental Loophole
Inflation Reduction Act: What Every Real Estate Investor Should Know
On Sunday morning, the U.S. Senate passed the Inflation Reduction Act (H.R. 5376). Assuming the House passes an identical bill this Friday (and Nancy … [Read more...] about Inflation Reduction Act: What Every Real Estate Investor Should Know
Don’t Forget About The Work Opportunity Tax Credit!
The Work Opportunity Tax Credit, or WOTC for short, gets little attention these days. COVID relief programs such as the Paycheck Protection Program … [Read more...] about Don’t Forget About The Work Opportunity Tax Credit!
199A Deduction Errors Cost Small Businesses Big Refunds
The Section 199A deduction lets business owners avoid federal income taxes on that last twenty percent of their business income. Which sounds … [Read more...] about 199A Deduction Errors Cost Small Businesses Big Refunds
Why Profit Distributions Usually Don’t Get Taxed
We encounter a common misconception from flow-through business owner clients every year and I want to try and clear the air. That misconception? … [Read more...] about Why Profit Distributions Usually Don’t Get Taxed
Tax Strategy Tuesday: Accelerate Depreciation Strategy
For today’s Tax Strategy Tuesday, I’ll be sharing a trick landlords and small business owners with real estate and capital equipment (like vehicles … [Read more...] about Tax Strategy Tuesday: Accelerate Depreciation Strategy
16 Ways of Qualifying for Employee Retention Credits
For the last few weeks, we've been blogging on Tuesdays about tax strategies entrepreneurs and active investors can use. This week, however, a break … [Read more...] about 16 Ways of Qualifying for Employee Retention Credits