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Here’s an easy question: Do you need more 2024 tax deductions? If the answer is yes, continue reading.  Next easy question: Do you need a replacement business vehicle?  If so, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement...

If you’ve recently been billed by the IRS with the claim that you owe a penalty for late filing, late payment, or missed employment tax deposits, I urge you to pause before making any payment. You may not have to pay that penalty at all. The IRS often imposes...

The purpose of this letter is to reveal how you can get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less...

Here are some key points about renting personal property, which includes equipment, vehicles, and furniture. The tax treatment differs from real estate rentals, and how you classify the rental activity will affect how you report income, expenses, and potential self-employment tax. Classification of Personal Property Rentals The tax code...

If your tax return shows a refund, you probably expect the IRS will pay that total amount when it processes your tax return. Unfortunately, this is not always the case.  The Treasury Department can and does deduct from your tax refund certain debts owed to various government agencies. Such...

Do you have a health savings account (HSA)?  If so, you have one of the best tax-advantaged accounts. HSAs provide a unique triple tax benefit:  Indeed, there is only one thing wrong with HSAs: you cannot make contributions after you enroll in Medicare (usually at age 65).  If you...

As you may be aware, the qualified business income (QBI) deduction introduced by the Tax Cuts and Jobs Act provides a valuable tax-saving opportunity for business owners like yourself.  Unfortunately, the QBI benefit expires after 2025, so there is a limited window of time to maximize this deduction. The...

The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Deadlines If your business existed as of January 1, 2024, you must file your BOI report by January 1,...

Here’s a recent update on the Employee Retention Credit (ERC) and the new IRS payback scheme. New IRS ERC Payback Program The IRS introduced a second ERC Voluntary Disclosure Program for 2021 claims. Under this program, you can say, “I didn’t deserve the ERC, so I’ll repay 85 percent...

Does your business classify workers as independent contractors instead of employees? You should know that the U.S. Department of Labor is trying to make it harder for all businesses to use independent contractors. The Department of Labor enforces the Fair Labor Standards Act (FLSA), the federal law that requires...

I’d like to bring your attention to a recent U.S. Supreme Court decision that could significantly impact your buy-sell agreement if it involves life insurance to redeem shares upon your death. Impact on Estate Tax The Supreme Court’s ruling in Connelly established that life insurance proceeds used by a company to...

Here are some important tax strategies for your aircraft operations that could help you overcome passive loss limitations and maximize your deductions. Understanding Passive Activity Limitations The IRS’s passive activity loss rules can prevent you from using aircraft-related losses to offset other income. If the tax code classifies your...