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Roth Conversions Deadline
December 31 is the final day to complete Roth IRA conversions for the current tax year. This deadline is crucial because the amount...
Dec 10, 2024
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New Business Setup
The following is a recommended list of items for setting up your new business. Decide on a business name Choose your business name and...
Aug 22, 2024
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S-Corp
The tax benefit of operating as a S-Corp come into play when business profits exceed a reasonable salary for the owner. Business owners...
May 7, 2024
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Foreign Earned Income
Using the Foreign Earned Income Exclusion, taxpayers can exclude up to a set amount each year from taxable income when working outside...
May 4, 2024
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Residential Rental Property
For individuals rental income and expenses are included on your personal tax return on Schedule E. All rental income is included, reduced...
May 4, 2024
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1099s for Contractors
There are a few different scenarios for issuing 1099s to contractors: Foreign contractors working outside the US - a 1099 does not need...
Jul 14, 2022
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1031 Exchanges
A 1031 exchange allow an investor to defer the payment of federal income taxes typically incurred by selling an investment property, as...
May 25, 2022
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Self-Employed Tax Deductions
Possible deductions include: HEALTH INSURANCE - conditional, based on whether a self-employed individual is qualified to join their...
Dec 31, 2021
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Employee Retention Payroll Tax Credit (ERTC)
Highlights of the Employee Retention Tax Credit
Mar 27, 2021
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$1.9 Trillion American Rescue Plan Tax Highlights
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law. Some highlights... Recovery Rebates $1,400 per...
Mar 16, 2021
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COVID-19 Stimulus Update
Details subject to change. Individuals 2019 Tax Deadline 15 July 2020 Stimulus Payments $1,200 for single, $2,400 for married (for...
Apr 5, 2020
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Required Minimum Distributions (RMDs)
Tax deferred retirement accounts, such as a traditional IRA account or a 401k plan, require distributions to be taken in the year in...
Aug 6, 2019
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The New Business Tax Deduction and Rental Properties
On Friday, January 18th, the IRS released Notice 2019-07 which established a safe harbor under which a rental real estate enterprise...
Jan 26, 2019
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Section 529 Plans Can Now Be Used for Private Elementary and High Schools
In the past, parents often used tax-favored Section 529 plans to build up funds for the college education of their children. The new tax...
Jun 19, 2018
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Exceptions to the Tax on Early Retirement Withdrawals
There may be times when it is necessary to pull funds out of your retirement accounts. Most retirement plan distributions are subject to...
Jun 6, 2017
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