Businesses and Rentals Existing on Jan. 1 Trigger FinCEN Filings

Businesses and Rentals Existing on Jan. 1 Trigger FinCEN Filings

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 […]

2023 Last-Minute Vehicle Purchases to Save on Taxes

2023 Last-Minute Vehicle Purchases to Save on Taxes

Here’s an easy question: Do you need more 2023 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 vehicle) if you can get your […]

2023 Last-Minute Section 199A Tax Reduction Strategies

199A tax reduction strategies

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with an undesirable $0 for your deduction amount.Here are three possible year-end moves that could, in the right circumstances, simultaneously (a) reduce your income taxes and (b) boost your Section 199A deduction. First Things First If […]

2023 Last-Minute Year-End General Business Income Tax Deductions

2023 Last-Minute Year-End General Business Income Tax Deductions

Here are six powerful business tax deduction strategies you can easily understand and implement before the end of 2023.  1. Prepay Expenses Using the IRS Safe Harbor You just have to thank the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses […]

2023 Last-Minute Year-End Tax Strategies for Your Stock Portfolio

2023 Last-Minute Year-End Tax Strategies For Your Stock Portfolio

When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2023 income taxes. The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct strategies. Here’s the basic gist: Avoid […]

Take Advantage of the Once-in-a-lifetime IRA-to-HSA Rollover

HSA

Health Savings Accounts (HSAs) are designed for use alongside high-deductible health plans, assisting you in covering your medical expenses. They can also function as an incredible retirement account due to their triple tax benefit: You can deduct contributions from your taxes. Your account balance grows without being taxed. Withdrawals for medical expenses are tax-free. And […]

Avoid This Family Member S Corporation Health Insurance Mistake

Mature,Businessman,Using,A,Digital,Tablet,To,Discuss,Information,With

I’m reaching out to remind you of two important issues related to health insurance deductions for S corporations. First, if you own more than 2 percent of an S corporation and provide health insurance coverage, there are three steps you need to follow to claim a deduction: Step 1. The cost of the insurance must […]

Plan Your Passive Activity Losses for Tax-Deduction Relevance

Tax Deductions

In 1986, lawmakers drove a stake through the heart of your rental property tax deductions. That stake, called the passive-loss rules, causes myriad complications that now, 37 years later, are still commonly misunderstood.  The Trap  In 1986, lawmakers made you shovel your taxable activities into three basic tax buckets. Looking at the buckets from a […]

Tax Law Changes in 2023

2023 Tax Law Chanfes

Are you ready for the new tax law changes coming in 2023? Because it’s a whole new ball game! Here are the major changes that you should know about: August 2022: Inflation Reduction Act Clean energy tax credits for homeowners Rebates for electric vehicle purchases Expanded IRS Enforcement 15% corporate minimum tax Tax on stock […]

Primer: When Cancellation of Debt (COD) Income Can Be Tax-Free

Two,Female,Accountants,Counting,On,Calculator,Income,For,Tax,Form

Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession.  But lenders are sometimes willing to cancel (forgive) debts that are owed by financially challenged borrowers.  While a debt cancellation can help a beleaguered borrower survive, it can also trigger negative tax consequences. Or it can […]

Crowdfunding: Is It Taxable?

shutterstock_1683006769

Crowdfunding is a national and international phenomenon. Over $17 billion is raised yearly in North America through world-famous websites such as GoFundMe and Kickstarter. All this crowdfunding activity leads to an obvious question: Is the money raised this way taxable income for the recipients? You might be surprised to learn that the courts and the […]

Mixed signals on economic outlook

Frame 1

If there is one thing that is bothering the political set up, people and the investor community, it is the state of economy. However, numbers released in late October seem to provide some cheer.The third quarter (July-September 2022) GDP numbers point to the US economy recovery and dispels a fear of recession in the backdrop […]