Business Tax Tips That Could Save You Thousands
We have worked with many entrepreneurs like you over the years. We find that the majority of our clients strive to run their business like a well oiled machine. We also know that they want to legally minimize their tax burden while reducing any exposure to an IRS audit. What follows are several tax tips that could save you from [...]
Hobby Income Versus Business Income
The tax law has mistreated hobbies for a long time. But the most recent tax reform brings an end to this topic. This means you will need to focus on making your activity a business and not a hobby. Under both prior law and the new law after the recent tax reform, your activity is either a business (for profit) [...]
S Corporation or Sole Proprietor?
Tax reform created a new 20 percent tax deduction for select pass-through entities. Will your business operation create the 20 percent tax deduction for you? If not, and if that is due to too much income and a lack of (a) wages and/or (b) depreciable property, a switch to the S corporation as your choice of business entity may produce [...]
Who Qualifies for Tax Credits?
We love tax credits because they help to reduce the taxes our client has to pay Uncle Sam. The two main types of credits that can reduce your tax bill is the refundable tax credit and the non-refundable tax credit. Before delving into this topic, let's describe these two credits. A refundable tax credit is a credit that can reduce [...]
Advice for First Time Home Buyers
Buying your first home is a major step. Make sure you’re ready by checking out NerdWallet’s list of things to think about: Know how much you can afford. Look at your finances so you can decide how big a down payment you can make and how much you can afford in mortgage costs. Check your credit. Make sure you have [...]
Ways to Make More of Your Property Tax Deduction
Tax reform put the screws to your state and local income tax deductions. Many states disliked that and have been putting together workarounds. But now the IRS is creating regulations to put an end on your state’s creative plans. In the absence of federal lawmakers changing their minds, your federal deductions for state income taxes face that $10,000 ceiling. But [...]