Is Your Financial Life in Shape? 10 Signs You Need a 360° Tax & Financial Health Check-Up
By Anil Grandhi | Member, Forbes Finance Council | CEO of AG FinTax When was the last time you took a deep dive into your entire financial life—not just your taxes, but your investments, retirement goals, and risk protection too? As a financial strategist, I’ve worked with hundreds of individuals and business owners, and most […]
Greed or Goodwill: Your Makes a Scam Loss Deductible
Scams are incredibly common. According to recent Federal Trade Commission data, consumers reported losing more than $12.5 billion to fraud in 2024. They reported losing more money to **investment scams—$5.7 billion—**than any other category. Older people are particularly prone to being scammed. If you’re the victim of a scam, can you deduct your losses as […]
Introducing the 360° Tax & Financial Health Checkup: Your Personalized Roadmap to Financial Clarity & Confidence
By Anil Grandhi | CEO of AG FinTax | Forbes Finance Council Member Are you sure your financial plan is working as hard as you are? Or could hidden gaps be costing you more than you realize? At AG FinTax, we go beyond basic numbers. Our 360° Tax & Financial Health Checkup is designed to […]
Protect Yourself: Digitize Tax Receipts
When it comes to IRS audits, one of the most common reasons taxpayers lose deductions is the lack of proper documentation. While your credit card or bank statements prove you spent money, they don’t show what you purchased. Without supporting receipts or invoices, these records are considered “naked”—and during an audit, that’s a problem. To […]
Claim Up to $32,220 in Missed 2021 Self-Employed COVID-19 Sick and Family Leave Credits Today
Were you self-employed during 2021? If so, there is a good chance that you could have qualified for COVID-19 sick and family leave credits worth as much as $32,220. If you’re like many self-employed individuals or partners, you probably never heard about these tax credits. Unlike employee retention credit for employers, the special temporary credits […]
Cost Segregation: A Great Strategy When?
One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money. But regular depreciation for real property is slow. Residential rental property is depreciated over 27.5 years and non-residential property over 39 years, providing a relatively small deduction each year. Fortunately, […]
Did You Overfund a Section 529 Plan? Consider a Roth IRA Rollover
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 tax-free to pay higher education expenses. […]
Q&A: No Business Income, No Office Deduction: Wrong
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 Claim business deductions with no business income. Even if your business did not generate income this year, you should claim all business deductions. Such deductions might create a net operating loss (NOL), […]
Tax Reform Doubles Down on S Corporation Reasonable Compensation
From 2018 to 2025, the Tax Cuts and Jobs Act is offering a 20 percent deduction on pass-through business income, with specific eligibility criteria. This deduction impacts the choice of entity. For instance, should you operate as a sole proprietorship or an S corporation? The Importance of Reasonable Compensation When operating your business as an […]
Businesses and Rentals Existing on Jan. 1 Trigger FinCEN Filings
For existing businesses, the Corporate Transparency Act (CTA) has come into force as of 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 […]
Create Tax-Free Fringe Benefit Deductions for your Smartphone
I hope you can benefit from this fringe benefit opportunity related to business smartphones. The IRS allows businesses to provide smartphones and tablets such as iPads as a tax-free fringe benefit, simplifying tax implications and eliminating the need for detailed usage records. Eligibility. This benefit applies to corporations, partnerships, and other entities, and it can […]
Q&A: Deducting a loss from an Airbnb Bedroom Rental
When you rent a bedroom in your home and that rental unit creates a tax loss, can you deduct the loss? Yes, if you meet the four technical requirements listed below: You used the bedroom as a hotel unit because it was regularly available on a vacation rental site like Airbnb for occupancy by paying […]