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If you want to convert your home to a rental property, you can improve your tax benefits by selling it to your S corporation. Benefits of Selling Your Home to Your S Corporation Addressing Common Doubts Implementation Steps Conclusion Selling your home to your S corporation before converting it...

The IRS in its repair regulations gives you a partial disposition election that benefits you when you replace a structural component such as a roof on your office building or rental property. Previously, when you replaced a structural component such as a roof, the old roof’s remaining depreciation continued...

When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes. Here’s an example of why. Rodney Taylor entrusted his corporation’s accounting and bookkeeping to Robert Gard, CPA. Over several years, Mr. Gard embezzled between $1 million and $2 million, including payroll...

As you consider winding down your partnership, here’s a concise overview of what you might expect under three typical scenarios of partnership dissolution. Scenario 1: One Partner Buys Out the Others If one partner buys out the others and continues the business, the exiting partners will likely recognize a...

You may have heard you cannot claim a home-office deduction without business income. That’s not accurate, as I explain below. Points to Consider Action Steps Conclusion Your home office can provide significant tax advantages, even when your business income is low or non-existent. Make sure you position yourself to...

As you may know, the IRS requires that anyone claiming the 2020 employee retention credit (ERC) adjust their 2020 wages on their tax returns accordingly. It appears that the IRS has not yet processed your ERC claim. Despite the uncertainty of the timing of the credit’s approval, it’s crucial...

Have you established, or are you considering, a Section 529 savings plan for a child, grandchild, or other family member? Such plans are a great way to help pay for a person’s college education. Contributions are not federally tax deductible, but they grow tax-free, and you can withdraw them...

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 may need to get your act together and file amended 2021 and 2020 tax returns now. You could find up...

If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for sweeping new tax reporting requirements. Congress wants the IRS to crack down on taxpayers who buy and sell crypto but don’t report or pay tax on their gains. To do so, it...

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...

What’s your worst tax nightmare? Identity theft? Not having enough money to pay all the taxes you owe? How about this: your CPA, enrolled agent, or other tax preparer has not filed your taxes for three years. Dr. Lee, a Florida surgeon who earned over $1 million annually, had...

When your corporation reimburses you for the business use of your vehicle, you have tax consequences when you sell or trade in that vehicle. Example 1. You purchased a vehicle for $40,000 and had the corporation reimburse you $40,000 for bonus depreciation. You now trade in the vehicle for...