Owning and leasing vacation rental property can boost your income and be a great investment. However, it can also become a hassle at tax time. In this month’s article, we will show you the ins and outs of tax rules relating to vacation rental property to help you maximize your real estate rental income deductions. …
CPA Tom Gibson and attorney Thomas Goldman discuss some of the steps necessary to ensure that you are treating your business as a business, including: • Segregation of business assets • Corporate formalities • Taxation of different entity types • Reasonable compensation • Co-mingling of assets
Millions of Americans are enjoying the flexibility of working from home today as we do our best as a nation to “flatten the curve” of the coronavirus. Not only does working from home provide more time and freedom to get work done on your own schedule but it also provides a valuable tax-savings deduction as …
The Tax Cuts and Jobs Act of 2017 brought tax relief for American taxpayers and corporations, and it also provided a new tax saving opportunity for independent business owners in the form of the targeted deduction for Qualified Business Income (QBI) of a pass-through entity. If you qualify for this valuable tax savings tool, we …
Venise Maybank, MST, discusses filing a tax extension and what you need to know before the tax deadline including: • Tax filing and the importance of filing an extension • Reasons for filing an extension • How and when to get tax extensions • Forms for filing an extension and timeline • Tax Extensions for …
April is right around the corner. And we all know April brings more than just spring showers. But what if, instead of owing money to the IRS, you received a refund? Fortunately, there are some simple strategies you can use to maximize your tax savings. Tax Loss Harvesting Tax loss harvesting is the selling of …
There is a powerful tax-deferral strategy used by many successful businessmen and investors that can allow you to easily side-step real estate taxes and keep more cash in your pocket in the process. At the same time, you get to keep real estate assets as a key part of your diversified portfolio. If that sounds …
It’s a New Year, which means tax season is coming up fast, just a few months away. And that means it is crunch time for tax professionals all across America. Many people are probably scrambling right now to gather all their books, records, bank statements and receipts that a tax professional will need to file …
Tom Gibson, CPA, discusses the most important things you must do before December 31st to maximize your 2019 tax savings, including: Maximizing the home office deduction calculation and reimbursing your expenses Blending your company’s annual meeting into your vacation Incorporating an alternative bonus plan and the utilization of achievement awards Appropriately transferring funds via tax-free …
