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individual income taxes

How IRS Audits Work

February 1, 2023 By Christian Block CPA Leave a Comment

How IRS audits work

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

Filed Under: business taxes, foreign tax issues, individual income taxes

Lottery Tax Planning for a Billion Dollar Drawing

January 11, 2023 By Stephen Nelson CPA

Lottery tax planning can save millions

Okay. This is silly. You’re probably not going to win. But just for fun, let’s talk about lottery tax planning for one of those giant Power Ball or … [Read more...] about Lottery Tax Planning for a Billion Dollar Drawing

Filed Under: individual income taxes, personal finance

A Dozen Ways to Deduct Real Estate Losses

December 1, 2022 By Stephen Nelson CPA

Tricks for deducting real estate losses to save taxes

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

Filed Under: business taxes, Corporate taxation, entrepreneurship, individual income taxes, real estate

Surviving IRS Short-Term Rental Audits

October 1, 2022 By Stephen Nelson CPA

IRs short-term rental audits don't have to end badly

Concerned about IRS short-term rental audits? Hey, you're not crazy to worry if you own a vacation rental. Short-term rentals often shelter lots of … [Read more...] about Surviving IRS Short-Term Rental Audits

Filed Under: individual income taxes, real estate

Inflation Reduction Act: Tax Credits for Homeowners

August 15, 2022 By Beth Nelson CPA

Foam plastic Insulation of a new home on a new roof

August 19th update: It has come to my attention that the original Example 3 was not clearly supported by the statute. This has been fixed and I … [Read more...] about Inflation Reduction Act: Tax Credits for Homeowners

Filed Under: individual income taxes, Inflation Reduction Act, real estate

Ten Best Roth Alternatives

April 1, 2022 By Stephen Nelson CPA

Roth alternatives exist blog post

All the talk about tax law changes, including changes to the Roth rules and then the prospect of higher tax rates for some, seems to be jacking … [Read more...] about Ten Best Roth Alternatives

Filed Under: individual income taxes, personal finance, retirement

Why Profit Distributions Usually Don’t Get Taxed

March 1, 2022 By Christian Block CPA

How Pass-through Profit Distributions 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

Filed Under: Bookkeeping, business taxes, individual income taxes, management

Tax Strategy Tuesday: Real Estate Professional Tax Strategy

February 1, 2022 By Stephen Nelson CPA

The real estate professional tax strategy can save significant amounts of income taxes.

A few weeks ago, I talked about one way to get big real estate tax deductions onto a tax return, the vacation rental tax strategy. This week, I … [Read more...] about Tax Strategy Tuesday: Real Estate Professional Tax Strategy

Filed Under: individual income taxes, investment, personal finance, real estate, retirement, Tax Strategy Tuesday

Tax Strategy Tuesday: Avoid Real Estate Net Investment Income Tax

January 25, 2022 By Stephen Nelson CPA

real estate net investment income tax blog post art

Are you a real estate investor? And, just to get the awkward part over, have you been pretty successful with real estate? I thought that might be … [Read more...] about Tax Strategy Tuesday: Avoid Real Estate Net Investment Income Tax

Filed Under: individual income taxes, investment, real estate, Tax Strategy Tuesday

Tax Strategy Tuesday: Move to a No Tax State Strategy

January 18, 2022 By Stephen Nelson CPA

Move to a no tax state tax strategy blog post

A tax strategy hidden in plain sight this week for our post: Maybe you should move from your high tax state to a no tax or low tax state. For … [Read more...] about Tax Strategy Tuesday: Move to a No Tax State Strategy

Filed Under: individual income taxes, Tax Strategy Tuesday

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Featured Posts

If you got caught in an ERC scam, take these steps to reduce the damage

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

Maybe you shouldn't retire?

Should Entrepreneurs and Small Business Owners Retire Late? Or Even Skip Retiring?

Recently I found myself talking with friends about a crazy idea. The idea that entrepreneurs should retire late. Or maybe even just not retire. So … [Read More...] about Should Entrepreneurs and Small Business Owners Retire Late? Or Even Skip Retiring?

long-term trends in long-maturity interest rates

Rethinking Retirement for Lower Real Rates of Return

The recent research paper, “Long-run Trends in Long-maturity Real Rates 1311-2021,” from economists Kenneth S. Rogoff, Barbara Rossi and Paul … [Read More...] about Rethinking Retirement for Lower Real Rates of Return

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