Did you know that you can group activities for real estate depreciation? Let’s expound on this… Common Situation Issue with Common Situation Solution: Grouping of Activities: Reg §1.469 Qualifications for Grouping One Activity is Insubstantial in Relation to the Other Insubstantial is not clearly defined, but there are some guidelines: Grouping Activities Together Results in …
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership information (BOI) report with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN). The BOI report identifies and provides contact information …
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket. Two Main …
Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel Read More »
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 wants people and companies that facilitate …
Get up to $32,220 in Sick and Family Leave Tax Credits 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 will need you to get your act together so we can file amended 2021 and …
Get up to $32,220 in Sick and Family Leave Tax Credits Read More »
Estimated Tax Penalties The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as income is earned, whether through withholding, by making estimated tax payments, or both. You suffer an estimated …
You need to think about the sale of your rental property when you claim depreciation on your qualified improvement property (QIP). Gains may be subject to higher-than-expected tax rates due to Section 1245 and Section 1250 ordinary income recapture and other factors. Planning your depreciation methods can significantly impact your current tax liabilities and long-term …
Tax Implications of Selling Qualified Improvement Property (QIP) Read More »
Discover What the New $78 Billion Tax Deal Means for You In an ambitious move, Congress is considering a bipartisan tax deal worth $78 billion. This legislation primarily aims to enhance child tax credits and reinstate key business deductions. Understanding these changes is crucial for every business owner. Part 1: A Boost for Working Families …
Major Tax Changes Ahead and What Every Business Owner Needs to Know Read More »
Here are some crucial insights into depreciation, particularly regarding business or rental assets. When Does Depreciation Start? Technically, depreciation begins not when you use an asset but when it’s ready and available for its intended purpose. For instance: • A rental property begins depreciating when it’s available to rent, even if it hasn’t been rented …
For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited partnerships and on certain other business entities. No later than December 31, 2024, all non-exempt business entities must file a beneficial owner information report (BOI …
New FinCEN Filings Went Into Effect on January 1 Read More »
