Tax Archives

Navigating Beneficial Ownership Information (BOI) Reporting Requirements for 2024

Business, Finance, Real Estate, Small Business, Tax

As part of new regulations issued by the Financial Crimes Enforcement Network (FinCEN), many U.S.-registered businesses must now submit Beneficial Ownership Information (BOI) reports. This new requirement is designed to improve financial transparency and prevent financial crime by making it easier to identify individuals who own or control businesses in the U.S. With filing deadlines […]

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Year-End Tax Planning Strategies for Real Estate Investors

Real Estate, Tax

Year-End Tax Planning Strategies for Real Estate Investors

Year-End Tax Planning Strategies for Real Estate Investors Read More »

Navigating IRS Penalty Relief and Forgiveness Options

Tax

Unexpected IRS penalties can overwhelm taxpayers, but IRS Penalty Relief is available through penalty abatement programs. These programs can reduce or eliminate penalties for those who meet specific criteria and follow the correct process. Types of IRS Penalty Abatement 1. First Time Penalty Abatement (FTA) The IRS introduced FTA in 2001 as an administrative waiver

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Short-Term Rentals (STRs): A Tax Strategy for High W-2 Earners

Real Estate, Small Business, Tax

If you’re a high-income W-2 earner looking for tax-saving opportunities, investing in short-term rentals (STRs) could be a powerful strategy. While real estate investments are already known for their tax benefits, short-term rentals offer unique advantages that can significantly reduce your tax liability. Here’s how this strategy works and why it might be the key

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Reasonable Compensation for S-Corporation Owners

Business, Small Business, Tax

There are many tax benefits to filing as an S-Corporation, but you should be aware of additional responsibilities related to owner’s reasonable compensation or salary: If you aren’t sure if an S-Corp is right for you, reach out to us to run an Entity Planning Analysis to see what makes the most sense for your

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Charitable Contributions From Your IRA: Tips & Traps

Tax

Today, we’d like to share an exciting opportunity for those of you who are 70½ or older that is Qualified Charitable Distributions (QCD) from your IRA account: If you don’t need all the money in your IRAs for living expenses, you can use these accounts to support your favorite charities while also enjoying significant tax

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Nine Essential Tax Savings Strategies for W-2 Employees

Tax

Tax Savings Strategies for W-2 Employees

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Tax Planning for Gig Workers

Small Business, Tax

Does your pet sitter need a 1099 form? What percentage of your Etsy sales will go to taxes? These and similar questions are becoming increasingly common with the rise of the “gig economy.” The gig economy refers to a growing workforce who earn income through temporary non-salaried or freelance jobs. This includes workers on digital

Tax Planning for Gig Workers Read More »

Navigating Beneficial Ownership Information (BOI) Reporting Requirements for 2024

Year-End Tax Planning Strategies for Real Estate Investors

Navigating IRS Penalty Relief and Forgiveness Options

Short-Term Rentals (STRs): A Tax Strategy for High W-2 Earners

Reasonable Compensation for S-Corporation Owners

Charitable Contributions From Your IRA: Tips & Traps

Nine Essential Tax Savings Strategies for W-2 Employees

Tax Planning for Gig Workers

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