Unlock Tax Savings with Cost Segregation for Real Estate

In the quaint town of Riverbend, Evelyn Thompson was a successful entrepreneur known for her chain of boutique hotels. Her latest venture was a grand, historic property she had recently renovated and turned into a luxurious hotel. Evelyn was proud of her achievement, but as the first year of operation came to a close, she began to worry about the financial strain the property was placing on her business. One…  Read more

Augusta Rule: A Valuable Tax Strategy

Tax planning is key to saving money. One helpful rule that most business owners qualify for is the Augusta Rule. What is the Augusta Rule? The Augusta Rule lets homeowners rent out their homes for up to 14 days tax-free. Named after the Masters Tournament in Augusta, Georgia, it benefits any homeowner. How Does the Augusta Rule Work? To use the Augusta Rule, follow these rules: Rent for no more…  Read more

10 Important Questions to Ask Your Tax Advisor

Having a tax advisor is invaluable to ensure that you only pay the taxes you have to and are compliant with tax laws. To make the most of your relationship with your tax advisor, it’s important to ask the right questions. Here are some essential questions to consider. 1. How Can I Maximize My Deductions and Credits? Why It Matters – Deductions and credits can significantly reduce your tax liability.…  Read more

Why You Are Frustrated With Taxes and How to Stop It

Few topics cause as much concern and frustration as taxes, particularly the concern of paying too much. Whether you’re an individual taxpayer or a business owner, the complexities of the tax code can often leave you feeling overwhelmed and burdened.  Understanding the Roots of Tax Frustration The frustration with paying too much tax often stems from not understanding the tax system. For many, the tax code appears endlessly complex and…  Read more

Boost This Year’s Tax Savings by Reviewing Last Year’s Return

The weeks following tax season offer a perfect opportunity for reflection and planning. Rather than putting away your tax return until next year, consider a detailed analysis to understand your financial picture and identify potential tax savings.  The Importance of Post-Tax Season Analysis Many taxpayers view tax filing as a once-a-year chore. However, by revisiting your return with a tax advisor, you can uncover insights into tax saving opportunities and…  Read more

Do I Have To Pay Estimated Taxes?

Understanding Estimated Tax Payments The U.S. operates on a “pay as you go” tax system. This requires you to pay taxes throughout the year. You can do this through payroll withholding, by making estimated tax payments or both. Not paying the IRS enough taxes during the year triggers an estimated tax penalty. The IRS charges this non-deductible interest penalty on the amount you underpaid each quarter. The penalty rate equals…  Read more

How Long Does the IRS Have to Audit Your Returns?

Nobody wants to spend their whole life looking over their shoulder, wondering if the IRS will audit them. Luckily, there is a statute of limitations on IRS audits and tax assessments. Once the limitations period expires, the IRS can’t audit your return or assess any additional tax. You may have heard that the statute of limitations on audits is three years. That’s generally the case, but not always. Depending on…  Read more

What to do With an Overfunded 529

Funding a 529 College Saving Plan is a great way to save for a child’s college education and possibly get a state tax deduction depending on the state you live in. You can accumulate income-tax-free earnings with a Section 529 college savings plan account.  Then, you can take income-tax-free withdrawals to cover qualified education expenses, usually for college.  Great! But what if your designated account beneficiary gets scholarships and doesn’t…  Read more

Working Overtime? Enjoy It With Tax-Free Supper Money

Tax law often discriminates against company owners, granting them no or fewer fringe benefits. But you, the owner, are not discriminated against when it comes to supper money. It works like this: The supper money fringe benefit is for defined employees. The IRS supper money rule states that the term “employee” for this purpose means anyone who receives supper money. That means you can take this benefit for yourself, even…  Read more

Should I Hire My Spouse?

If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee.  But the tax savings may be a mirage if you don’t pay your spouse the right way. And the arrangement is subject to attack by the IRS if your spouse is not…  Read more

What are Tax Strategies and Who are They For?

At the most basic level, tax strategies are ways to reduce taxes.  In reality, implementing tax strategies requires thorough tax planning while taking into account a business owner’s financial goals and personal needs. The tax strategies we recommend are for profitable businesses whose owners have taxable income.  If a business is experiencing losses, it is unlikely to benefit from or be able to utilize the tax strategies that profitable businesses…  Read more

4 Steps to Choosing the Right Retirement Plan

Retirement is a time many of us look forward to—a period where we can relax, pursue passions, and enjoy the fruits of our labor. However, to ensure a comfortable and secure retirement, it’s essential to choose the right retirement plan. With numerous options available, finding the one that aligns with your financial goals and lifestyle can be daunting. Here’s a summarized guide to help you navigate the process. Understand Your…  Read more

Deducting Home Office Expenses

The evolution of remote work has transformed our homes into multifunctional spaces, blurring the lines between personal and professional domains. Amidst this shift, the opportunity to deduct home office expenses has become a crucial aspect of financial planning for many. Understanding the intricacies of these deductions can lead to significant savings. Here’s a summarized guide to the process. Eligibility: The IRS specifies two main criteria for claiming home office deductions:…  Read more

Can I Treat Someone as a Subcontractor Instead of an Employee?

Can I treat someone as a subcontractor instead of an employee?  This is a top 10 question we get asked.  We understand why some business owners would like to classify someone they “hired” as a subcontractor.  Several of the reasons we have heard over the years are: If the person isn’t a good fit, it’s easy to fire them.  I don’t want to pay payroll taxes.  They don’t work full-time…  Read more

I’m a Victim of Tax-Related Identity Theft. What Do I Do?

What do you do if you can’t efile your tax return because a tax return has already been filed with your social security number? If you have tried to efile your tax return and it’s rejected because of an error message that says there is a duplicate tax filing with your social security number, you might be a victim of tax-related identity theft.  Finding this out can cause a lot…  Read more

10 Year-End Tax Saving Tips for 2023

As the year draws to a close, it’s the perfect time to review your financial situation and implement tax planning strategies to minimize your tax liability and maximize your savings. Here are some valuable tips and insights to help you navigate the complexities of year-end tax planning for 2023. 1. Review Your Income and Expenses:  Start by assessing your current financial situation. Review your income, expenses, and any major life…  Read more

Tax Tips for Real Estate Investors: Maximizing Returns and Minimizing Liabilities

Real estate investment can be a lucrative venture, but navigating the complex world of taxes is crucial for maximizing your returns. In this blog post, we’ll explore essential tax tips for real estate investors, helping you minimize liabilities and keep more of your hard-earned profits. Understand Your Tax Filing Status:  Real estate investors often have different tax filing statuses, such as sole proprietorship, LLC, partnership, or corporation. Each has its…  Read more

Year-Round Tax Planning for Businesses: A Roadmap to Financial Success

Tax planning is a crucial aspect of financial management for small businesses. While many entrepreneurs focus on preparing their taxes at the end of the fiscal year, year-round tax planning is a smarter and more strategic approach. By proactively managing your tax liabilities throughout the year, you can maximize your savings and ensure compliance with tax regulations. In this blog post, we will explore the benefits of year-round tax planning…  Read more

How Much You Should Raise Your Prices

Few business owners enjoy breaking the news of an upcoming price increase. However, when you own a business you have to deal with ever-increasing costs. Although inflation is an unpleasant part of life, it is still part of life. Price increases are inevitable for a sustainable business. If you want to stay afloat, you’ll have to do them – and regularly. Read on for some tips on how to determine…  Read more

6 Reasons Why You Should Raise Your Prices

There comes a time for every small business to raise their prices. While it may seem scary, remember that it’s your job to keep prices fair, both for you and your customers. That means you have to charge prices that work for you and allow you to remain in business. Read on for six reasons to raise your prices. Your costs have grown The thing about inflation is that everyone…  Read more

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